Advent Technologies Holdings Receives Nasdaq Notice on Late Filing of its Form 10-Q

Rhea-AI Summary

Advent Technologies Holdings (Nasdaq: ADN) announced that it received a Nasdaq notice on May 24, 2024, for failing to file its Form 10-Q for Q1 2024 by the May 10 deadline. This notice has no immediate effect on the company's listing or trading. Advent has until June 17, 2024, to submit a plan to regain compliance. If approved, they have until October 14, 2024, to comply with Nasdaq rules. The company is working to file the report promptly and expects to maintain future compliance. Advent develops and manufactures fuel cell systems and components, holding over 150 patents in the renewable energy sector.

Positive

• Company has until June 17, 2024, to submit a compliance plan.
• Potential extension to October 14, 2024, if plan is accepted.
• Company is actively working to file the delayed report promptly.
• Future compliance with SEC reporting obligations anticipated.
• Strong intellectual property portfolio with over 150 patents.

Negative

• Failure to file Form 10-Q for Q1 2024 by the required due date.
• Received Nasdaq notice for non-compliance with listing rules.
• Risk of delisting if compliance plan is not accepted or adhered to.
• Increased scrutiny from investors due to filing delay.

BOSTON--(BUSINESS WIRE)-- Advent Technologies Holdings, Inc. (Nasdaq: ADN) announced today that, as expected, it received a notice from Nasdaq on May 24, 2024, notifying the Company that it is not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) because the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 (“First Quarter 10-Q”) was not filed with the Securities and Exchange Commission (the “SEC”) by the required due date of May 10, 2024.

This Notice received from Nasdaq has no immediate effect on the listing or trading of the Company's shares. Under Nasdaq rules, the Company has until Monday, June 17, 2024, to submit a plan to regain compliance. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company an exception until Monday, October 14, 2024, as instructed by the Letter, to regain compliance with the Nasdaq Listing Rules.

The Company expects and intends to submit to Nasdaq the compliance plan no later than June 17, 2024. The Company continues to work diligently to complete its First Quarter 10-Q with a target to file as soon as practicable, with subsequent periodic filings made on-time, after which the Company anticipates maintaining compliance with its SEC reporting obligations.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240529769179/en/

Advent Technologies Holdings, Inc.

Michael Trontzos

press@advent.energy

Source: Advent Technologies Inc.

FAQ

What notice did Advent Technologies (ADN) receive from Nasdaq?

Advent Technologies received a notice from Nasdaq on May 24, 2024, for failing to file its Form 10-Q for Q1 2024 by the required due date.

What is the deadline for Advent Technologies (ADN) to submit a compliance plan?

Advent Technologies has until June 17, 2024, to submit a plan to regain compliance with Nasdaq listing rules.

What happens if Advent Technologies (ADN) fails to comply with Nasdaq rules?

If Advent Technologies fails to comply, there is a risk of delisting from Nasdaq.

Does the Nasdaq notice affect the trading of Advent Technologies (ADN) shares?

The notice has no immediate effect on the listing or trading of Advent Technologies shares.

What is Advent Technologies (ADN) doing to address the late filing of Form 10-Q?

Advent Technologies is working diligently to complete the First Quarter 10-Q and plans to submit a compliance plan by June 17, 2024.