BOSTON - Newbury Street Acquisition Corporation (NASDAQ:NBST) has been notified by the Nasdaq Stock Market of a non-compliance issue due to the delayed submission of its annual financial report. The company, which specializes in facilitating mergers and acquisitions, received a letter on April 24, 2024, from Nasdaq's Listing Qualifications Department, indicating that it failed to meet the requirements of listing rule 5250(c)(1).
This rule mandates the timely filing of all necessary periodic financial reports with the Securities and Exchange Commission (SEC). Specifically, the company has not yet filed its Annual Report on Form 10-K for the fiscal year that concluded on December 31, 2023. The delay is attributed to the need for additional time to finalize the financial statements for that period, as previously mentioned in their Form 12b-25 filing.
Newbury Street Acquisition Corporation has indicated that it anticipates filing the overdue Form 10-K shortly. The company operates as a blank check company, which means it was established with the intention of merging with or acquiring one or more businesses or entities. It is led by CEO Thomas Bushey and CFO Kenneth King, with a board of directors that includes executives from various industries.
The company's advisory team comprises individuals from diverse backgrounds such as media, finance, and entertainment. This includes advisors like Ted Seides of Capital Allocators and Katie Soo, formerly of HBO Max and WB.
The announcement made by Newbury Street Acquisition Corporation contains forward-looking statements, which are based on current expectations and projections about future events. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially.
InvestingPro Insights
In light of Newbury Street Acquisition Corporation's recent notification from Nasdaq regarding its non-compliance issue, investors are taking a closer look at the company's financial health and market performance. According to InvestingPro data, the company has a market capitalization of approximately $63.44 million. Despite being a relatively small cap company, it has demonstrated some resilience with a 1-year price total return of 5.56%, signaling a modest upward trend in its stock price over the past year.
InvestingPro Tips for Newbury Street Acquisition Corporation suggest that the stock generally trades with low price volatility, which might appeal to risk-averse investors. However, the company suffers from weak gross profit margins and its short-term obligations exceed liquid assets, which could raise concerns about its financial stability, especially in the context of the delayed annual financial report.
Moreover, the company's lack of profitability over the last twelve months is reflected in its negative P/E ratio of -225.62. With the company not paying dividends to shareholders, investors may need to rely solely on stock price appreciation for returns, which, given the company's current financials, could be considered speculative.
For those interested in a deeper dive into Newbury Street Acquisition Corporation, InvestingPro offers additional insights and metrics. There are currently 4 additional InvestingPro Tips available for NBST at https://www.investing.com/pro/NBST. For those looking to access these tips and more, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This could provide invaluable context as the company navigates its current compliance issue and seeks to finalize its financial statements.
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