Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously disclosed in the Current Report on Form 8-K filed on November 22,
2021 by Mallard Acquisition Corp. (the "Company"), in connection with the
preparation of the Company's financial statements as of September 30, 2021, the
Company's management, in consultation with its advisors, identified a
classification 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 common stock subject to possible
redemption. As a result of such classification error, the Company required
additional time to prepare its condensed financial statements for the quarterly
period ended September 30, 2021, and did not timely file its Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2021 (the "Q3 Form
10-Q").
On December 1, 2021, the Company received a notice (the "Notice") from the
Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq")
stating that the Company is not in compliance with Nasdaq Listing Rule
5250(c)(1) (the "Rule") because it had not timely filed the Q3 Form 10-Q with
the Securities and Exchange Commission ("SEC"). The Rule requires listed
companies to timely file all required periodic financial reports with the SEC.
The Notice provided that the Company had 60 calendar days from the date of the
Notice, or until January 30, 2022, to submit a plan to regain compliance with
the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant an
exception of up to 180 calendar days from the due date of the Q3 Form 10-Q, or
until May 23, 2022, to regain compliance.
On December 6, 2021, the Company filed the Q3 Form 10-Q with the SEC.
Accordingly, the Company believes that it has regained compliance with the Rule
and will not need to submit a plan of compliance to Nasdaq.
Item 8.01. Other Events.
On December 6, 2021, the Company issued a press release announcing its receipt
of the Notice. A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Title
99.1 Press Release, dated December 6, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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