Benzinga | Jun 1, 2021 04:35PM EDT

EQ Health Acquisition Corp. Announces Receipt Of NYSE Continued Listing Standard Notice

EQ Health Acquisition Corp. (the "Company") (NYSE:EQHA) today announced that it received a formal notice of non-compliance on May 25, 2021 from the New York Stock Exchange (the "NYSE") relating to the Company's failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the "Form 10-Q").

On April 12, 2021, the staff of the Securities and Exchange Commission ("SEC") issued "Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies ("SPACs")," clarifying the accounting guidance for warrants with terms that are common for SPACs (the "Statement"). The immediacy of the effective date of the new guidance set forth in the Statement has resulted in a significant number of SPACs re-evaluating the accounting treatment for their warrants with their professional advisors, including auditors and other advisors responsible for assisting SPACs in the preparation of financial statements. This, in turn, resulted in the Company's delay in preparing and finalizing its financial statements as of and for the quarter ended March 31, 2021 and filing its Form 10-Q with the SEC by the prescribed deadline. The Company intends to file its Form 10-Q with the SEC as soon as practicable after the date hereof and is in compliance with all other NYSE continued listing requirements.