PALO ALTO, Calif., June 4, 2021 (GLOBE NEWSWIRE) – On April 12, 2021, the acting director of the corporate finance division and acting chief accountant of the United States Securities and Exchange Commission (the “SEC”) jointly issued an accounting policy statement Reporting Considerations for Warrants Issued by Purpose Acquiring Companies entitled “Employee’s Statement on Accounting and Reporting Considerations for Warrants Issued by Purpose Acquiring Companies (“ SPACs ”)” (the “SEC Employee Declaration”). As noted above, given the scope of the process to determine the appropriate accounting for its outstanding warrants in accordance with SEC Staff Statement and Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging: Contracts in an Entities Own Equity, KINS Technology Group, Inc. (the “Company”) was unable to complete and submit its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 (the “Form 10-Q”) by the required due date without undue effort and expense.
On May 28, 2021, the Company received notice (the “Notice”) from the Regulatory Qualifications Department of The Nasdaq Stock Market LLC (the “Exchange”) stating that failure to submit Form 10-Q to the according to the SEC, the company does not comply with the Nasdaq Listing Rule 5250 (c) (1) (the “Listing Rule”). The Listing Rule requires publicly traded companies to file all required periodic reports with the SEC in a timely manner.
The notice stated that the company may regain compliance with listing standards at any time prior to July 27, 2021 by filing Form 10-Q. If the Company fails to submit Form 10-Q by that date, the Company may submit a plan to regain compliance with the Listing Rule prior to that date, and upon receipt of that plan, the Exchange may, at its discretion, extend an extension for the Company to regain the listing rule Compliance, depending on the specific circumstances. The announcement also states that the exchange can nevertheless initiate a delisting procedure at any time if it considers the circumstances to be necessary.
Although the company cannot make any assurances regarding the timing, the company plans to submit Form 10-Q as soon as possible, but no later than July 27, 2021, and to regain compliance with the listing rule.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release, including the filing of the 10-Q, other than historical facts, are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions relating to the company or its management team identify forward-looking statements. Such forward-looking statements are based on management’s beliefs and on assumptions and information currently available to the company’s management. Actual results could differ materially from those projected in the forward-looking statements due to certain factors listed in the company’s filings with the SEC. All subsequent written or oral forward-looking statements that are attributable to the company or persons acting on its behalf are restricted in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the company, including those set out in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, as amended, filed with the SEK. Copies of these filings are available on the SEC’s website at www.sec.gov. The company assumes no obligation to update these statements for revisions or changes after the date of this publication unless required by law.
KINS Technology Group Inc.
Khurram P. Sheikh
Chairman & Chief Executive Officer