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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 12b-25
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SEC File Number
001-40185
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NOTIFICATION OF LATE FILING
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CUSIP Number
74709Q101
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(Check One): ¨ Form
10-K ¨ Form 20-F ¨ Form 11-K
x Form 10-Q ¨ Form 10-D ¨ Form
N-CEN ¨ Form N-CSR
For Period Ended: March 31, 2021
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¨
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Transition Report on Form 10-K
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¨
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Transition Report on Form 20-F
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¨
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Transition Report on Form 11-K
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¨
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Transition Report on Form 10-Q
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¨
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Transition Report on N-SAR
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For the Transition Period Ended:
Nothing in this form shall be construed to
imply that the Commission has verified any information contained herein.
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If
the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
Part I – Registrant Information
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Full Name of Registrant:
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PWP
Forward Acquisition Corp. I
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Former Name if Applicable:
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Not
applicable.
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Address of Principal Executive
Office
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(Street and Number):
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767
Fifth Avenue
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City, State and Zip Code:
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New
York, New York 10153
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Part
II – Rules 12b-25(b) and (c)
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If the subject report could
not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate) x
(a)
The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
(b)
The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR,
or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly
report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the
fifth calendar day following the prescribed due date; and
(c)
The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
State below in reasonable detail why Forms 10-K,
20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
PWP Forward Acquisition Corp.
I (the “Company”) has determined that it is unable, without unreasonable effort or expense, to file its Quarterly Report on
Form 10-Q for the fiscal quarter ended March 31, 2021 (the “Form 10-Q”) by the prescribed due date for the reasons described
below.
On April 12, 2021, the SEC
staff released a public statement (the “Public Statement”) to highlight the potential accounting implications of certain terms
that may be common in warrants included in special purpose acquisition company transactions and to discuss related financial reporting
considerations.
The Company is currently evaluating
the SEC’s guidance in the Public Statement with respect to the Company’s accounting treatment of its warrants and is determining
what effects such guidance will have on the Company's financial statements. In particular, the Company’s management is evaluating
the accounting treatment of (i) the 4,232,686 redeemable warrants that were included in the units issued by the Company in its initial
public offering (the “Public Warrants”) and (ii) the 4,155,124 redeemable warrants that were issued via private placement
(the “Private Warrants,” and collectively with the Public Warrants, the “Warrants”) in accordance with Accounting
Standards Codification (“ASC”) 815-40, Derivatives and Hedging: Contracts in an Entities Own Equity. ASC 815-40 states entities
must consider whether to classify contracts that may be settled in its own stock, such as warrants, as equity of the entity or as an asset
or liability. The Company previously accounted for the Warrants as components of equity. The Company is concurrently evaluating the materiality
of any potential, required adjustments related to this matter and other related accounting matters in accordance with Staff Accounting
Bulletin 99.
The Company is working diligently
to complete the Form 10-Q as soon as possible; however, given the scope of the process for determining the appropriate treatment of the
Warrants in accordance with the Public Statement and ASC 815-40, the Company is unable to complete and file the Form 10-Q by the required
due date of May 17, 2021 without unreasonable effort and expense. The Company plans to file the Form 10-Q as soon as practicably possible.
This report may include “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, including those relating to the filing of the Form 10-Q, other than statements of historical
fact included in this report are forward-looking statements. When used in this report, words such as “anticipate,” “believe,”
“estimate,” “expect,” “intend” and similar expressions, as they relate to the Company or its management
team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions
made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated
by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified 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 forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s
initial public offering filed with the SEC. Copies of such filings are available on the SEC’s website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Part IV – Other Information
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(1) Name and telephone number of person to contact in regard
to this notification
Stacia Ryan
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(212)
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287-3200
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(Name)
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(Area Code)
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(Telephone Number)
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(2)
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such
report(s) been filed? If the answer is no, identify report(s).
x Yes
¨ No
(3)
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will
be reflected by the earnings statements to be included in the subject report or portion thereof?
¨ Yes x No
If so, attach an explanation
of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the
results cannot be made.
On April 12, 2021, the SEC staff released the Public
Statement to highlight the potential accounting implications of certain terms that may be common in warrants included in special purpose
acquisition company transactions and to discuss related financial reporting considerations.
The Company is currently evaluating the guidance
included the Public Statement with respect to the Company’s accounting treatment of the Warrants and is determining what effects
such guidance will have on the Company's financial statements. In particular, the Company’s management is evaluating the accounting
treatment of the Warrants in accordance with Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging: Contracts
in an Entities Own Equity. ASC 815-40 states that entities must consider whether to classify contracts that may be settled in its own
stock, such as warrants, as equity of the entity or as an asset or liability. The Company previously accounted for the Warrants as components
of equity. The Company is concurrently evaluating the materiality of any potential, required adjustments related to this matter and other
related accounting matters in accordance with Staff Accounting Bulletin 99.
While the Company has not generated any operating
revenues to date and will not generate any operating revenues until after completion of its initial business combination, at the earliest,
if the Company determines to account for the Warrants as liabilities, the change in fair value of the Warrants will be a non-cash charge
and will be reflected in the Company’s statement of operations. Because the Company has not yet reached a definitive conclusion
about the accounting treatment for the Warrants, it is unable to provide an estimate of the anticipated change, if any, at this time. In addition, there is not a corresponding
period in the last fiscal year because the Company was incorporated in September 2020.
SIGNATURE
PWP Forward Acquisition Corp. I has caused this
notification to be signed on its behalf by the undersigned hereunto duly authorized.
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PWP Forward Acquisition
Corp. I
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By:
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/s/ Stacia Ryan
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Stacia Ryan
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Chief Executive Officer
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Date: May 18, 2021
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