Trading on Nasdaq to Begin May 14, 2024, with Updated CUSIP Number Following Corporate Action.
BOSTON–Advent Technologies Holdings, Inc. (Nasdaq: ADN) (“Advent” or the “Company”) announced today that it will file a Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware after the close of business on Monday, May 13, 2024 to effectuate its previously announced 1-for-30 reverse stock split of its issued and outstanding common stock (the “Reverse Split”). The Company expects its common stock and publicly traded warrants to begin trading on a split-adjusted basis on the Nasdaq Capital Market (“Nasdaq”) with the opening of trading on Tuesday, May 14, 2024 under the existing trading symbols “ADN” and “ADNWW,” respectively. The CUSIP number for the Company’s common stock following the reverse stock split will be 00788A 204.
As previously disclosed, the reverse stock split was approved on April 30, 2024 by Advent’s Board of Directors, following approval by the Company’s stockholders at a special meeting held on April 29, 2024. The Reverse Split is intended to bring Advent into compliance with Nasdaq’s $1.00 per share minimum bid price requirement for continued listing and to make the Company’s stock more attractive to a broader range of institutional and other investors.
After the Reverse Split, the number of outstanding shares of common stock will be reduced from approximately 77.6 million to approximately 2.6 million, subject to adjustment for fractional shares. No fractional shares will be issued in connection with the Reverse Split, and stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment.
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.
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