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BurgerFi postpones scheduled earnings release after Securities and Exchange Commission issues new guidelines on Special Purpose Acquisition Company reporting.

BurgerFi postpones earnings release after SEC order on SPACs

Company delays planned Wednesday filing after agency issues new Special Purpose Acquisition Company reporting rules

BurgerFi International Inc., which went public through a Special Purpose Acquisition Company in December, has postponed its fourth quarter and full-year 2020 earnings from Wednesday morning to an as-yet-undesignated date, the company said late Tuesday.

The Securities and Exchange Commission on Monday published a new staff statement on reporting guidelines for warrants issued with SPACs, which have become a popular vehicle for companies to go onto the public markets.

“BurgerFi will need additional time to ensure certain aspects of its 2020 audited financial statements to be included in BurgerFi’s annual report on Form 10-K, which the company intends to file with the SEC and financial statements included in previous reports filed with the SEC, are classified correctly according to the newly issued guidelines,” the Palm Beach, Fla.-fast casual company said in a statement.

BurgerFi went onto the public markets in December after being acquired by publicly traded Opes Acquisition Corp.

The company cited the SEC’s new SPAC reporting guidelines as the reason for the postponement.

“BurgerFi will provide updated timing for its fourth quarter and full year 2020 conference call at a later date,” the company said.

Burger Fi, founded in 2011, has 119 restaurants in the United States and abroad.

Contact Ron Ruggless at Ronald.Ruggless@Informa.com

Follow him on Twitter: @RonRuggless

 

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