Advent Technologies Receives Nasdaq Notification Regarding Compliance with Listing Requirements and Appoints Three New Directors
05 September 2024 - 12:01AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN), an
innovation-driven leader in the fuel cell and hydrogen technology
sectors, today announced that it has received a letter from the
Listing Qualifications Department of the Nasdaq Stock Market
("Nasdaq") confirming that the Company has rectified its previous
deficiency related to the filing of its annual report on Form 10-K
on August 13, 2024. The letter also informed Advent Technologies
that it remains noncompliant with Nasdaq Listing Rule 5250(c)(1)
due to the delayed filing of its Quarterly Reports on Form 10-Q for
the periods ended March 31, 2024 (the "First Quarter 10-Q") and
June 30, 2024 (the "Second Quarter 10-Q" and, together with the
First Quarter 10-Q, the “Delinquent Reports”). The Nasdaq letter
has no immediate impact on the listing or trading of Advent
Technologies' shares.
Nasdaq has granted the Company an extension to file the
Delinquent Reports until October 14, 2024. Advent Technologies is
actively working to complete the necessary filings and is committed
to regaining full compliance within the given timeframe.
Additionally, the Company announced, effective August 30, 2024,
the resignation of each of Nora Goudroupi, Anggelos Skutaris, Larry
Epstein, Wayne Threatt and Von McConnell from its Board of
Directors, and the appointment of Gary Herman as a Class I member
of the Board of Directors of the Company and Marc Seelenfreund and
Avtar Dhaliwal as Class II members of the Board of Directors of the
Company, and as members of the Audit Committee of the Board of
Directors of the Company.
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
California and 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 August 13, 2024, 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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Advent Technologies Holdings, Inc. Michael Trontzos
press@advent.energy
Advent Technologies (NASDAQ:ADN)
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