Benzinga | Jun 4, 2021 04:46PM EDT

Golden Arrow Merger Says Received Notice From Nasdaq Regarding Late Filing Of Quarterly Report On Form 10-Q

Golden Arrow Merger Corp. (the "Company") today announced that on May 28, 2021 it received a deficiency letter (the "Notice") from the Nasdaq Capital Market ("Nasdaq") 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") as required under Section 5250(c) of the Nasdaq Rules and Regulations.

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")" (the "Statement"), which clarified guidance for all SPAC-related companies regarding the accounting and reporting for their warrants. 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, has 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. Since receiving the Notice, the Company has filed its Form 10-Q with the SEC on June 4, 2021 and is in compliance with all other Nasdaq continued listing standards.

About Golden Arrow Merger Corp.

Golden Arrow Merger Corp. is a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any business, industry, sector, or geography, it intends to initially focus its search on identifying a prospective target business in the healthcare or healthcare-related infrastructure industries in the United States and other developed countries.