Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 2, 2020, Schultze Special Purpose Acquisition Corp. (the "Company")
received a written notice (the "Notice") from the Listing Qualifications
Department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company is
not in compliance with Listing Rule 5620(a), due to the Company's failure to
hold an annual meeting of shareholders within twelve months of the end of the
Company's fiscal year end. The Notice is only a notification of deficiency, not
of imminent delisting, and has no current effect on the listing or trading of
the Company's securities on the NASDAQ Capital Market.
The Notice states that the Company has until February 17, 2020 to submit a plan
to regain compliance with Listing Rule 5620(a). The Company intends to submit a
plan to regain compliance with Listing Rule 5620(a) within the required
timeframe. If Nasdaq accepts the Company's plan, Nasdaq may grant the Company an
extension of up to 180 calendar days from the fiscal year end, or until June 29,
2020, to evidence compliance with Listing Rule 5620(a). If Nasdaq does not
accept the Company's plan, the Company will have the opportunity to appeal the
decision in front of a Nasdaq Hearings Panel.
Forward-looking Statements
The Company makes forward-looking statements in this report within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements relate to expectations or forecasts for future events. These
statements may be preceded by, followed by or include the words "may," "might,"
"will," "will likely result," "should," "estimate," "plan," "project,"
"forecast," "intend," "expect," "anticipate," "believe," "seek," "continue,"
"target" or similar expressions. These forward-looking statements are based on
information available to the Company as of the date of this report and involve
substantial risks and uncertainties. Actual results may vary materially from
those expressed or implied by the forward-looking statements herein due to a
variety of factors, including the Company's ability to submit a plan to regain
compliance satisfactory to Nasdaq; the Company's ability to hold an annual
meeting; and other risks and uncertainties set forth in our reports filed with
the Securities and Exchange Commission. The Company does not undertake any
obligation to update forward-looking statements as a result of new information,
future events or developments or otherwise.
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