Isleworth Healthcare Acquisition Corp. Receives Expected Notice From Nasdaq Regarding Delayed Quarterly Report

ST. PETERSBURG, Fla., June 3, 2021 /PRNewswire/ -- Isleworth Healthcare Acquisition Corp. (NASDAQ: ISLE) (the "Company") announced today announced that on May 28, 2021 it received a notice ("Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") because the Company failed to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the "Form 10-Q") with the Securities and Exchange Commission ("SEC"). The Notice has no immediate effect on the listing or trading of the Company's securities on the Nasdaq Capital Market. 

As previously disclosed in the Form 8-K filed on May 27, 2021 by the Company, on April 12, 2021, the Staff of the SEC issued the "Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies ("SPACs")" (the "Statement"), which clarified guidance for all SPAC-related companies regarding the accounting and reporting for their warrants. Following review of the Statement, the Company reevaluated the accounting treatment of its public and private placement warrants as equity, and concluded that, based on the Statement, its public and private placement warrants should be, and should previously have been, classified as derivative liabilities on the balance sheet and measured at fair value at inception and at each reporting date, with changes in fair value recognized in the statement of operations in the period of change. The Company is continuing to evaluate the extent of the Statement's impact on its financial statements, including the financial statements as of and for the fiscal quarter ended March 31, 2021 included in the Form 10-Q. The Company is working diligently to complete the Form 10-Q as soon as possible.

Under Nasdaq rules, the Company has 60 calendar days from the date of the Notice to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q, or until November 22, 2021, to regain compliance.

About Isleworth Healthcare Acquisition Corp.

Isleworth Healthcare Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities.  It intends to focus on a business combination with a company in the healthcare industry.  We anticipate targeting companies domiciled in North America and Europe that are developing assets in the biopharmaceutical and medical technology/medical device space which aligns with our management team's experience in operating healthcare companies and in drug and device/technology development. We have operating expertise in managing large and high growth businesses and more specifically, in the life sciences industry. Collectively, we have built, managed, bought and sold companies or technologies all over the world.     Al Weiss (Chairman, Director), former President, Worldwide Operations Walt Disney Parks and Resorts, and Bob Whitehead (CEO, Director), a long-standing pharmaceutical executive, in the United States and internationally, and in large and emerging stage companies, will lead the team. The team includes Dan Halvorson (EVP & CFO, Director), experienced public and private company executive in financial planning and operations in the life science, technology and artificial intelligence industries; Vipul Patel, MD, (Director), a pioneer in the development and utilization of robotic surgical technologies, and is connected to many emerging stage med tech and device companies; Marc Kozin, (Director), led the development of LEK's life science strategic planning practice, and has more than 30 years of healthcare M&A experience and serves on various bioscience boards; Bob Dahl (Director), formerly Managing Director of Healthcare Investments at the Carlyle Group and was previously co-head of healthcare investment banking at Credit Suisse; and Michelle McKenna (Director), an experienced board member and she has significant experience in M&A and early stage companies, and as a C-suite executive of the NFL, she is responsible for the highly effective Covid-19 contact tracing program across the league.

Forward-Looking Statements 

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in the risk factors section of the prospectus used in connection with the Company's initial public offering. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.

Contact:

Dan Halvorson
Executive Vice President & Chief Financial Officer and Board Member
[email protected]

SOURCE Isleworth Healthcare Acquisition Corp.