Welcome to our dedicated page for Ault Disruptive Technologies Corporation news (Ticker: ADRT), a resource for investors and traders seeking the latest updates and insights on Ault Disruptive Technologies Corporation stock.
Ault Disruptive Technologies Corporation (ADRT) is a Delaware-based blank check company, also known as a special purpose acquisition company (SPAC), incorporated in February 2021. The core mission of ADRT is to facilitate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more enterprises. The company aims to target businesses that possess innovative technologies, products, or services that have the potential to transform major industries and significantly impact society.
Recently, ADRT has been actively involved in extending deadlines to complete a business combination. On June 14, 2023, during a special meeting, the company amended its incorporation certificate to extend the deadline from June 20, 2023, to September 20, 2023, with provisions to extend it further up to February 20, 2024. This move reflects ADRT's commitment to ensuring strategic and successful mergers with potential targets.
Financially, ADRT's audited consolidated financial statements for the fiscal year ended December 31, 2022, included a going concern explanatory paragraph by its independent registered public accounting firm. This signifies an alert about the company's ability to continue as a going concern, though it doesn't alter any financial statements.
ADRT has also been working on regaining compliance with the NYSE American’s listing standards. As of September 27, 2023, the NYSE American accepted ADRT's compliance plan, granting it until December 20, 2024, to meet the required standards. This demonstrates ADRT's proactive approach in adhering to market regulations and maintaining investor confidence.
For its investors, ADRT recently allowed those who had elected to redeem their shares the option to reverse their redemption requests by specified deadlines. This flexibility showcases ADRT’s commitment to accommodating shareholder interests and maintaining a robust share structure.
In summary, Ault Disruptive Technologies Corporation (ADRT) is an evolving SPAC focused on merging with businesses that offer disruptive technologies capable of widespread adoption and long-term value appreciation. The company’s management is deeply invested in ensuring strategic mergers and maintaining regulatory compliance while addressing shareholder interests.
Ault Disruptive Technologies (NYSE American: ADRT) has announced its decision to redeem all outstanding public shares and not consummate an initial business combination within the required timeframe. The company's board of directors has determined to:
1. Cease operations except for winding up
2. Redeem 100% of public shares at approximately $11.18 per share
3. Dissolve and liquidate the company
The last trading day for ADRT securities on NYSE American is expected to be October 10, 2024. Public shares will be cancelled on October 11, 2024, representing only the right to receive the redemption amount. The company's warrants will expire worthless, and its sponsor has waived redemption rights for outstanding common stock shares.
Gresham Worldwide and Ault Disruptive Technologies have agreed to merge, forming a new entity named Gresham Worldwide.
The combined company will have an enterprise value of approximately $83 million and expects up to $1 million in additional cash, assuming no redemptions by Ault’s public stockholders. The merger is anticipated to close in Q4 2024 and the combined entity will be listed on NYSE American under the ticker 'GWWI.'
Gresham stockholders will retain 100% of their equity and hold about 66% of the new company. The merger aims to capitalize on Gresham's 20% annual revenue growth and bolster its operations in defense and healthcare sectors, with a $40 million order backlog and expansion into NATO defense products.
Jonathan Read and Lutz P. Henckels will lead the combined company as CEO and CFO, respectively.
Ault Disruptive Technologies (ADRT) addressed unusual market activity in its stock following a recommendation by the NYSE American. The company clarified that it is not aware of any material corporate developments or undisclosed information that could explain the recent spike in trading volume and stock price. ADRT emphasized that it typically does not comment on market activity or rumors and has not issued any press releases since February 16, 2024. The company assured it will continue to meet its disclosure obligations as per the NYSE American Company Guide.
Ault Disruptive Technologies Corporation (ADRT) announced on October 20, 2022 that the NYSE Regulation is commencing proceedings to delist its warrants from the NYSE American exchange due to low trading prices. The company will not appeal this decision, leading to immediate suspension of trading in the warrants. Founded in February 2021, ADRT is a blank check company focused on acquiring businesses in emerging technologies.
Ault Disruptive Technologies Corporation announced the filing of its Annual Report on Form 10-K for the year ended December 31, 2021, with the SEC on April 15, 2022. The report included an unqualified audit opinion but raised concerns about the company's ability to continue as a going concern. As a SPAC, it must complete a business combination by December 15, 2022, with the option to extend the deadline twice. If not completed, the company will cease operations except to wind up. This report is mandated by NYSE American LLC regulations.
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