Advent Technologies Holdings, Inc. (NASDAQ:ADN), a manufacturer of miscellaneous electrical equipment, announced today that its Danish subsidiary, Advent Technologies A/S, has been declared bankrupt pursuant to the Denmark Bankruptcy Act. The bankruptcy declaration was made on Thursday, July 25, 2024.
The proceedings will be overseen by Attorney Ulla Skov of ADOKATFIRMAET BØRGE NIELSEN, who has been appointed as the curator. The news comes as a significant development for the company, which is incorporated in Delaware and has its principal executive offices in Livermore, California.
Advent Technologies Holdings, Inc., which is also known by its former name AMCI Acquisition Corp., is listed on The Nasdaq Stock Market LLC. The company's common stock, with a par value of $0.0001 per share, trades under the ticker symbol ADN. Additionally, the company has warrants listed on the Nasdaq, with each warrant allowing the holder to purchase one share of common stock at an exercise price of $345.00, trading under the ticker symbol ADNWW.
The 8-K filing with the U.S. Securities and Exchange Commission (SEC), dated July 25, 2024, provided the details of this event. This filing is a regulatory requirement that publicly traded companies must submit to disclose significant events that shareholders should know about.
The bankruptcy of the Danish subsidiary is an isolated event and does not necessarily reflect the financial health of Advent Technologies Holdings, Inc. as a whole. Shareholders and potential investors are encouraged to review the company's filings for a comprehensive understanding of its financial position.
In other recent news, Advent Technologies Holdings, Inc. has made several significant announcements. The company, known for its fuel cell and hydrogen technology, has outlined a strategic plan aiming for operational and facility expenses to fall under $24 million for 2024, almost half of the previous year's total costs. This is part of an effort to reach a break-even point by 2025. Advent has also announced a 1-for-30 reverse stock split of its common stock, reducing the number of outstanding shares from approximately 77.6 million to about 2.6 million.
Advent has received a non-compliance notice from Nasdaq for failing to file its quarterly report for the period ended March 31, 2024, in a timely manner. In response, the company is working to complete and file the delayed report. Additionally, Advent has received another non-compliance notice for failing to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, on time.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.