Benzinga | May 28, 2021 05:01PM EDT

EDOC Acquisition Corp. Reports Regained Nasdaq Compliance Related To Delayed Annual Report

EDOC Acquisition Corp. (NASDAQ:ADOCU) (the "Company") announced today that it has filed with the Securities and Exchange Commission ("SEC") its Annual Report on Form 10-K for the period ended December 31, 2020 (the "Form 10-K"), as well as its Quarterly Report on Form 10-Q, and has now regained Nasdaq compliance.

As previously disclosed, the Company had received a notice ("Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company had failed to timely file its Form 10-K due to the reasons discussed below. However, since the May 25, 2021 filings of both the Form 10-K and Form 10-Q, the Company has received notice from Nasdaq that it has regained compliance with the Nasdaq Listing Rule 5250(c)(1), and Nasdaq considers the matter closed.

As previously disclosed in the Current Report on Form 8-K filed on April 15, 2021 and the Form 12b-25 filed on May 18, 2021 by the Company, on April 12, 2021, the staff (the "Staff") of the Division of Corporation Finance of the SEC issued a statement entitled "Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies" (the "Staff Statement"). The Staff Statement, among other things, highlighted the potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings of special purpose acquisition companies such as the Company. As a result of the Staff Statement, the Company required additional time to evaluate its financial statements for the period ended December 31, 2020 and the quarter ended March 31, 2021.