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Translational Development Acquisition Corp has successfully completed its initial public offering (IPO), raising $172.5 million through the sale of 17,250,000 units at $10.00 per unit, including the full exercise of the underwriter's over-allotment option of 2,250,000 units. Trading began on December 23, 2024, on Nasdaq under the symbol TDACU.
Each unit comprises one Class A ordinary share and one-half redeemable warrant, with whole warrants allowing holders to purchase one Class A ordinary share at $11.50. The company, structured as a blank check company, aims to pursue merger or acquisition opportunities across various sectors, leveraging its management team's expertise led by CEO Michael B. Hoffman and CFO Avanindra C. Das.
Translational Development Acquisition Corp has announced the pricing of its initial public offering of 15,000,000 units at $10.00 per unit, totaling $150,000,000. The units will trade on Nasdaq under symbol TDACU. Each unit comprises one Class A ordinary share and one-half redeemable warrant, with whole warrants allowing purchase of one Class A share at $11.50.
The company has granted underwriters a 45-day option to purchase up to 2,250,000 additional units. Trading begins December 23, 2024, with closing expected December 24, 2024. The company is a blank check company seeking business combination opportunities, led by CEO Michael B. Hoffman and CFO Avanindra C. Das, with BTIG, as sole book-running manager.
Trident Acquisitions Corp. has filed its Form 10-Q for the period ending March 31, 2021, ensuring compliance with Nasdaq listing rules. This filing is crucial as it allows the company to focus on completing its business combination with AutoLotto, Inc., known as Lottery.com. The Nasdaq Hearings Panel will no longer review the Form 10-Q deficiency following this compliance, which is imperative for maintaining its listing status. The company is preparing to file Form S-4 to advance this business combination.
Trident Acquisitions Corp. filed a Form 10-K/A on June 25, 2021, to address a Form 10-Q deficiency, following notices from Nasdaq regarding potential delisting. This filing progresses their efforts to comply with SEC regulations concerning warrant accounting. The company is expected to file their 10-Q shortly. Despite the challenges, Trident remains optimistic about securing additional time to finalize its business combination with Lottery.com, aiming to transition out of SPAC status and resolve compliance issues.
Trident Acquisitions Corp. (NASDAQ: TDACU, TDAC, TDACW) received a compliance notice from Nasdaq on May 28, 2021, for failing to file its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. This delay stems from new SEC guidance on warrant accounting that prompted many SPACs to reassess their financial reporting. Trident has 60 days to file the report or propose a compliance plan, and if accepted, may receive up to 180 days to regain compliance. The notice does not impact the trading of Trident's securities at this time.
Trident Acquisitions Corp. (NASDAQ: TDACU, TDAC, TDACW) has submitted a proxy statement amendment to the SEC, seeking a three-month extension to finalize its business combination with Lottery.com, now targeted for September 1, 2021. An additional extension may be considered until December 1, 2021. Notably, the required vote for this extension has shifted from a majority of IPO shares to a majority of all outstanding shares. Additionally, if the average stock price falls below $11.40, the company will need to deposit $0.05 per unredeemed share into its trust account.
Lottery.com has announced a definitive merger agreement with Trident Acquisitions Corp. (Nasdaq: TDACU, TDAC, TDACW), aiming to enter the public markets. CEO Tony DiMatteo expressed enthusiasm for leveraging the merger to accelerate growth and enhance shareholder value. The merger will utilize the capital raised to bolster Lottery.com's operations, emphasizing its secure platform for lottery games. Additional details, including SEC filings relevant to the business combination, are outlined in the press release.
Trident Acquisitions Corp. (NASDAQ: TDACU, TDAC, TDACW) announced an extension granted by its board of directors to finalize a business combination with Lottery.com by June 1, 2021. This extension allows Trident additional time to prepare and submit a registration statement on Form S-4, which will include a proxy statement to solicit stockholder votes. This decision follows stockholder approval received on November 30, 2020, for the initial business combination with Lottery.com, aimed at enhancing the lottery industry's accessibility.
Trident Acquisitions Corp. is merging with Lottery.com, creating a combined company valued at approximately $526 million. Lottery.com enables users to access state-sanctioned lotteries via mobile devices, aiming to expand its market share globally. The company has experienced significant growth with a forecast of $71 million in gross revenue for 2021, expected to escalate to $571 million by 2023. This merger positions Lottery.com to leverage favorable market dynamics, including increased online gaming adoption and a regulatory environment encouraging expansion.
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