Inspirato Inc: Nasdaq/NYSE listing notice — Inspirato receives Nasdaq delisting notice for late Q3 filing; restates Q1, Q2 2022 financials

Inspirato Inc

Received Nasdaq notice on Nov 18, 2022 for failing to file Q3 2022 10-Q by due date; must submit plan by Jan 17, 2023.
Restating Q1 and Q2 2022 financials for lease accounting errors (ASC 842); total assets/liabilities understated ~5% each period.
Cost of revenue misstated: understated ~1% in Q1, overstated ~5% in Q2; no material impact on revenue or operating cash flow.
Management concluded disclosure controls ineffective due to unremediated material weaknesses; remediation plan under development.
If compliance not regained by May 15, 2023 (if plan accepted), Class A common stock and warrants subject to delisting.

item 3.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Inspirato Inc received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: late filing
Rules: 5250(c)(1)

Exact text from the filing

nspirato Incorporated (the “Company”) received a notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) (the “Rule”) as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the “Third Quarter Report”) with the Securities and Exchange Commission (the “SEC”) by the required due date. The Notice stated that, under Nasdaq rules, the Company

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Source: SEC EDGAR

accession 0001104659-22-121731

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