BOSTON - Advent Technologies Holdings, Inc. (NASDAQ:ADN), a developer and manufacturer of fuel cell systems, has announced a 1-for-30 reverse stock split of its common stock, scheduled to take effect after markets close on May 13, 2024. The move aims to comply with Nasdaq's minimum bid price requirement and attract a wider investor base.
The reverse stock split was approved by the company's Board of Directors on April 30, 2024, following stockholder approval at a special meeting on April 29, 2024. This strategic step is intended to maintain the company's listing on the Nasdaq Capital Market by meeting the $1.00 per share minimum bid price requirement.
Trading on a split-adjusted basis is expected to start on May 14, 2024, under the current trading symbols "ADN" for common stock and "ADNWW" for publicly traded warrants. The CUSIP number for Advent's common stock will change to 00788A 204 post-split.
The reverse stock split will significantly reduce the number of outstanding shares of common stock from approximately 77.6 million to about 2.6 million, adjusting for fractional shares, which will not be issued. Instead, shareholders entitled to fractional shares will receive a cash payment proportional to their share.
Based in Boston, Massachusetts, with a global presence, Advent Technologies Holdings, Inc. holds over 150 patents in fuel cell technology and is a key player in the renewable energy sector. The company's proprietary high-temperature proton exchange membrane (HT-PEM) technology enables the use of various fuels under extreme conditions, catering to diverse sectors including automotive, aviation, defense, and power generation.
This announcement is based on a press release statement and contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Investors are advised to consider these risks and uncertainties carefully, as detailed in the company's filings with the SEC.
InvestingPro Insights
As Advent Technologies Holdings, Inc. (NASDAQ:ADN) navigates through its reverse stock split, investors are closely monitoring the company's financial health and market performance. Key metrics from InvestingPro provide a snapshot of the company's current standing:
- The company's Market Cap stands at a modest 8.28 million USD, reflecting the market's valuation of the business in light of recent challenges.
- Advent's Price / Book ratio as of the last twelve months ending Q3 2023 is 0.25, suggesting the stock might be trading at a low multiple compared to the book value of its assets.
- The stock's price has experienced a significant decline, with a 1 Year Price Total Return as of 2024.D130 at -86.27%, indicating a challenging period for shareholders.
InvestingPro Tips for ADN highlight several areas of concern and potential interest for investors:
- With an RSI suggesting the stock is in oversold territory, there could be potential for a rebound if market sentiment shifts.
- However, the company operates with a significant debt burden, which is an important consideration for risk assessment.
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As the company approaches its next earnings date on May 15, 2024, stakeholders will be keenly awaiting updates on the company's progress and future outlook. For a more detailed analysis, including analyst targets and fair value assessments, visit https://www.investing.com/pro/ADN.
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