Advent Technologies Granted 180-Day Extension by NASDAQ to Regain Compliance with Minimum Bid Requirement
November 22 2023 - 12:14PM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”), an
innovation-driven leader in the fuel cell and hydrogen technology
space, today announced that it has received a notification letter
from Nasdaq Stock Market LLC (“Nasdaq”) that the Company has been
granted an additional 180-day compliance period, or until May 20,
2024, to regain compliance with Nasdaq’s minimum bid price
rule.
Nasdaq’s determination is based on the Company meeting the
continued listing requirement for market value of publicly held
shares and all other applicable requirements for listing on Nasdaq,
with the exception of the bid price requirement, and the Company’s
written notice of its intention to cure the deficiency during the
second compliance period and if necessary, by effecting a reverse
stock split.
In a notification letter dated May 24, 2023, Nasdaq previously
informed the Company that, based on the previous 30 consecutive
business days, the Company’s ordinary shares no longer met the
minimum $1.00 bid price per share requirement. Therefore, in
accordance with Nasdaq’s Listing Rules, the Company was provided
180 calendar days, or until November 20, 2023, to regain
compliance.
If at any time before May 20, 2024, the closing bid price of the
Company’s ordinary shares is at least $1.00 per share for a minimum
of 10 consecutive business days, the Company will regain compliance
with this Nasdaq rule and this matter will be closed.
This current notification from Nasdaq has no immediate effect on
the listing or trading of the Company’s ordinary shares, which will
continue to trade on Nasdaq under the symbol “ADN”.
About Advent Technologies Holdings, Inc
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles complete fuel cell systems as
well as supplying customers with critical components for fuel cells
in the renewable energy sector. Advent is headquartered in Boston,
Massachusetts, with offices in California, Greece, Denmark,
Germany, and the Philippines. With more than 150 patents issued,
pending, and/or licensed for fuel cell technology, Advent holds the
IP for next-generation HT-PEM that enables various fuels to
function at high temperatures and under extreme conditions,
suitable for the automotive, aviation, defense, oil and gas,
marine, and power generation sectors. For more information, visit
www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “plan,” “could,” “may,”
“will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and
other words of similar meaning. Each forward-looking statement
contained in this press release is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable risks
and uncertainties include, among others, the Company’s ability to
maintain the listing of the Company’s common stock on Nasdaq;
future financial performance; public securities’ potential
liquidity and trading; impact from the outcome of any known and
unknown litigation; ability to forecast and maintain an adequate
rate of revenue growth and appropriately plan its expenses;
expectations regarding future expenditures; future mix of revenue
and effect on gross margins; attraction and retention of qualified
directors, officers, employees and key personnel; ability to
compete effectively in a competitive industry; ability to protect
and enhance Advent’s corporate reputation and brand; expectations
concerning its relationships and actions with technology partners
and other third parties; impact from future regulatory, judicial
and legislative changes to the industry; ability to locate and
acquire complementary technologies or services and integrate those
into the Company’s business; future arrangements with, or
investments in, other entities or associations; and intense
competition and competitive pressure from other companies worldwide
in the industries in which the Company will operate; and the risks
identified under the heading “Risk Factors” in Advent’s Annual
Report on Form 10-K filed with the Securities and Exchange
Commission (“SEC”) on March 31, 2023, as well as the other
information filed with the SEC. Investors are cautioned not to
place considerable reliance on the forward-looking statements
contained in this press release. You are encouraged to read
Advent’s filings with the SEC, available at www.sec.gov, for a
discussion of these and other risks and uncertainties. The
forward-looking statements in this press release speak only as of
the date of this document, and the Company undertakes no obligation
to update or revise any of these statements. Advent’s business is
subject to substantial risks and uncertainties, including those
referenced above. Investors, potential investors, and others should
give careful consideration to these risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20231122484565/en/
Advent Technologies Holdings, Inc. Michael Trontzos
press@advent.energy
Advent Technologies (NASDAQ:ADN)
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