Benzinga | Nov 30, 2021 04:29PM EST

Class Acceleration Corp. Receives NYSE Notice Regarding Delayed Form 10-Q Filing

Class Acceleration Corp. (NYSE:CLAS, CLAS.U, CLAS.W))) (the "Company") today announced that it received a notice from the New York Stock Exchange (the "NYSE") indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (the "Q3 2021 Form 10-Q") with the Securities and Exchange Commission (the "SEC"). The notice has no immediate effect on the listing of the Company's stock on the NYSE.

The NYSE informed the Company that, under the NYSE's rules, the Company can regain compliance with the NYSE's continued listing requirements by filing the Q3 2021 Form 10-Q with the SEC at any time prior to May 22, 2022.

In connection with the preparation of the Company's financial statements as of September 30, 2021, management, in consultation with its advisors, identified an error made in certain of its previously issued financial statements, arising from the manner in which, as of the closing of the Company's initial public offering, the Company valued its Class A common stock subject to possible redemption. The Company, in consultation with its advisors, is continuing to finalize its Q3 2021 Form 10-Q financial statements to reflect the foregoing. The Company is working diligently to complete its Q3 2021 Form 10-Q as soon as possible, and expects to file such report on or before the fifth calendar day following the prescribed due date (or, if such date is not an EDGAR filing date, then the first EDGAR filing date thereafter).