BOSTON - Advent Technologies Holdings, Inc. (NASDAQ:ADN), a developer and manufacturer of fuel cell systems, disclosed today that it has received a non-compliance notice from the Nasdaq Stock Market. The notice, dated May 24, 2024, was issued due to the company's failure to file its quarterly report for the period ended March 31, 2024, on time.
The Nasdaq Listing Rule 5250(c)(1) requires listed companies to submit periodic financial reports. Advent Technologies missed the May 10, 2024, deadline for its first quarter report. The notice does not immediately affect the trading of the company's shares on the Nasdaq.
The company has until June 17, 2024, to present a plan to regain compliance. If Nasdaq approves the plan, it may grant Advent Technologies an extension until October 14, 2024, to meet the listing requirements.
Advent Technologies intends to submit its compliance plan by the June deadline and is working to complete and file the delayed quarterly report as soon as possible. The company aims to return to timely SEC reporting and maintain subsequent filings within the required time frames.
This announcement comes in accordance with the Nasdaq Listing Rule 5810(b), mandating prompt public disclosure of a deficiency notification.
Headquartered in Boston, Massachusetts, Advent Technologies operates globally with facilities and offices in multiple countries. It holds over 150 patents in fuel cell technology, which are utilized in various industries including automotive, aviation, defense, and power generation.
The information in this article is based on a press release statement from Advent Technologies.
InvestingPro Insights
In light of Advent Technologies Holdings, Inc.'s (NASDAQ:ADN) recent non-compliance notice from the Nasdaq, investors might be seeking deeper financial insights into the company's performance and potential risks. According to InvestingPro data, Advent Technologies has a market capitalization of approximately $9.88 million USD. This relatively small market cap suggests that the company is a micro-cap stock, which can often be subject to more significant price volatility and liquidity risks.
The company's Price / Book ratio, as of the last twelve months ending Q3 2023, stands at 0.3. This low multiple may indicate that the stock is undervalued relative to the company's book value, which could attract value investors looking for potential bargains in the market. However, this should be weighed against the fact that the company's revenue has seen a decline of 39.54% during the same period, reflecting challenges in generating sales growth.
InvestingPro Tips highlight that Advent Technologies is trading at a low Price / Book multiple and has significant return over the last week, with a 7.51% price total return. These metrics could be of interest to investors who are considering the timing of their investment decisions, especially in light of the company's recent compliance issues with Nasdaq.
For those looking for a more comprehensive analysis, there are additional InvestingPro Tips available, which can provide further insights into Advent Technologies' financial health and stock performance. Interested investors can take advantage of the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, which includes access to these valuable tips.
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