UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 12B-25

                           NOTIFICATION OF LATE FILING


(Check One):   |X|Form 10-K |_|Form 20-F |_|Form 11-K |_|Form 10-Q |_|Form N-SAR
               For Period Ended:December 31, 1999
                                -----------------
               [] Transition Report on Form 10-K
               [] Transition Report on Form 20-F
               [] Transition Report on Form 11-K
               [] Transition Report on Form 10-Q
               [] Transition Report on Form N-SAR

                                       For the Transition Period Ended:_________

     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

Full Name of Registrant: Moto Guzzi Corporation

Former Name if Applicable: North Atlantic Acquisition Corp.

Address of Principal Executive Office (Street and Number): 350 Park Avenue

City, State and Zip Code: New York, New York 10022

PART II - RULES 12b-25(b) AND (c)

     If the subject  report could not be filed  without  unreasonable  effort or
     expense and the registrant seeks relief pursuant to Rule  12(b)-25(b),  the
     following should be completed. (Check box if appropriate)


             | (a)  The reasons  described in  reasonable  detail in Part III of
             |      this  form  could  not be  eliminated  without  unreasonable
             |      effort or expense;
     |X|     | (b)  The subject annual report,  semi-annual  report,  transition
             |      report on Form  10-K,  Form  20-F,  11-K or Form  N-SAR,  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  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.

PART III - NARRATIVE

     State below in reasonable  detail the reasons why Forms 10-K,  20-F,  11-K,
     10Q, N-SAR, or the transition report or portion thereof, could not be filed
     within the prescribed time period.


In January 2000,  Trident Rowan Group,  Inc. the ultimate Parent company of Moto
Guzzi Corp.  engaged Banca di  Intermediazione  Mobiliare IMI S.p.A.  ("IMI"), a
leading Italian  investment  bank, to pursue  strategic  alternatives to enhance
shareholder  value in its  shareholding in Moto Guzzi  Corporation.  The ensuing
process has necessitated  significant time involvement of the financial staff of
the Company to  collaborate  with IMI  resulting in delays in completion of year
end accounting procedures.

PART IV - OTHER INFORMATION

     (1)  Name and telephone  number of person to contact in
          regard to this notification

                Nick Speyer                212                   735-8609
                (Name)                  (Area Code)           (Telephone Number)

     (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
          answer is no identify reports(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  earning  statements  to be included in the
          subject report or portion thereof?                     |X|Yes    |_|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 of the results cannot be made.

          The merger of Moto Guzzi Corp.  and North Atlantic
     Acquisition  Corp.  has been accounted for as a reverse
     acquisition by Moto Guzzi Corp. and,  accordingly,  the
     results  reported in the year ended  December  31, 1999
     and December 31, 1998 are those of Moto Guzzi Corp. and
     not  those  of  North  Atlantic  Acquisition  Corp.,  a
     non-operating  company  formed  only for the purpose of
     acquiring or merging with an operating business.

          The  results  of  operations  for the  year  ended
     December 31, 1999  compared to the year ended  December
     31, 1998 reflect the following significant changes:

          Net  sales  increased  by  7.6 %  from  Lit.  83.8
     billion to Lit. 87.1 billion.  Unit sales  increased by
     11.1%  to 6,275 in the year  ended  December  31,  1999
     compared to 5,647 in the year ended  December 31, 1998.
     Average  selling prices declined as a result of product
     mix.

          Gross margins  decreased  from Lit. 8.8 billion or
     10.6% as an  incidence  of net sales in the year  ended
     December 31, 1998 to Lit. 7.6 billion,  or 8.7 % in the
     year ended December 31, 1999, due  principally to lower
     average margins of the mix of units sold in 1999.

          Selling,   general  and  administrative   expenses
     increased  from Lit.  16.0  billion  in the year  ended
     December  31,  1998 to Lit.  20.5  billion  in the year
     ended  December 31, 1999  reflecting  a new  management
     team  installed at Moto America and the  development of
     the U.S. sales network, additional marketing expense in
     Italy and  additional  corporate  costs  related to the
     company's public listing status as well as costs in the
     fourth  quarter  related  to  ultimately   unsuccessful
     negotiations with a potential strategic partner.

          Research and development  costs fell from Lit. 4.3
     billion in 1998 to Lit. 2.9 billion in 1999, reflecting
     lack of available  finance.  The company also  expenses
     Lit.  0.9  billion  of tooling  related to  development
     projects  in the  fourth  quarter  of  1999  reflecting
     curtailment  of its  development  plans  for  financial
     reasons. In 1998, the Company incurred a reorganization
     charge of Lit. 4.1 billion relating to existing product
     and development project abandonment.

          As a result of the above factors, net loss for the
     year ended  December 31, 1999  increased  to Lit.  20.3
     billion  compared  to Lit.  22.0  billion  for the year
     ended December 31, 1998.


          THE  COMPANY  IS  STILL IN THE COURSE OF  DEFINING
     FINAL  ESTIMATES  AND   ANALYSES   FOR   ITS  FINANCIAL
     STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1999 AND THE
     AUDIT OF SUCH FINANCIAL STATEMENTS IS  INCOMPLETE.  THE
     COMPANY DOES  NOT  EXPECT  MATERIAL  CHANGES  FROM  THE
     FIGURES STATED ABOVE.



                             MOTO GUZZI CORPORATION
                  (Name of Registrant as Specified in Charter)

has  caused  this  notification  to be signed on its  behalf by the  undersigned
hereunto duly authorized.

Date    March 30, 2000                     By:  /s/  Nick Speyer
    -----------------------------             ----------------------------------
                                                   Nick Speyer
                                                   Chief Financial Officer