Advent Technologies (ADN) Provides Business Update
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Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), today provided a business update as it works to complete its previously announced financial restatement and file its Amendment No. 1 to Form 10-K for the year ended December 31, 2020. The Company also announced that it has filed a Form 12b-25 to extend the filing date of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.
Advent continues to execute on its business plan to lead the market in the high temperature proton exchange membrane (HT-PEM) based fuel cell components and systems sector. This progress follows the successful business combination with AMCI Acquisition Corp. and Advent’s subsequent acquisition of UltraCell in the first quarter of 2021. The Company expects to report $1.49 million in revenue in the first quarter of 2021, which is a material increase to revenue reported for fiscal 2020. Additionally, Advent remains well capitalized with $124 million of cash on the balance sheet, which will allow it to continue to execute on its strategic and operational priorities. The Company expects the balance of the year to remain strong as it continues to receive interest and demand for its existing and developing technology.
Vasilis Gregoriou, Advent’s Chief Executive Officer, said: “As a public company we are moving forward at a rapid pace, bringing our HT-PEM products to new and existing markets. The fundamentals of our business remain strong and the progress that our team has made over the last three months is truly incredible. Following the successful close of our business combination with AMCI Acquisition Corp. in the first quarter, we have worked diligently to build on our efforts to grow Advent’s business and expand our revenue streams. This helped us deliver $1.49 million in revenue in the quarter – well ahead of our revenue performance for all of fiscal 2020 – driven by a strong pipeline of new business. We look forward to building on this momentum and continue with our mission to become a leading provider of fuel cell technology, helping to enable the hydrogen economy.”
The Company’s business momentum is further reinforced by recent announcements, including:
- Significant demand increase for MEAs (Membrane Electrode Assemblies) from fuel cell developers in the mobility and stationary application markets, redox flow battery materials and engineering fees for electrochemical sensor development.
- Increased demand for our wearable fuel cell products. Advent subsidiary, UltraCell continues its leading position in providing portable solutions to the defense and national security markets.
- Continued development of our next-generation HT-PEM technology along with the Department of Energy. Advent, along with our partners at Los Alamos National Laboratory, Brookhaven National Laboratory and National Renewable Energy Laboratory are advancing a number of breakthrough materials for the HT-PEM market.
- Opened its new global headquarters in Boston, a preeminent center of innovation and technology development.
- Began plans for the construction of its new R&D and manufacturing facility in Charlestown, MA.
As previously announced on May 7, 2021 the Company has determined to restate its 2019 and 2020 financial statements in light of the U.S. Securities and Exchange Commission’s (the “SEC”) recently issued “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “Staff Statement”). This Staff Statement issued on April 12, 2021 informed market participants that warrants issued by SPACs and former SPACs may need to be reclassified as liabilities with non-cash fair value adjustments recorded in earnings at each reporting period. The Company had previously classified its issued warrants as equity. The Company currently expects that the reclassification of the warrants will have no impact on its historical liquidity, cash flows or revenues.
The Company is working diligently with its auditors in order to finalize and to file an amendment to its Annual Report on Form 10-K for the year ended December 31, 2020 (the “Form 10-K/A”) reflecting the reclassification of the warrants for the Non-Reliance Periods as soon as practicable. The adjustments to the financial statement items for the Non-Reliance Periods will be set forth through disclosures in the financial statements included in the Form 10-K/A.
Given the time and focus dedicated to the restatement process and the completion and filing of the Company’s Form 10-K/A, the Company requires additional time to complete its customary quarterly review and reporting process and the filing of its Form 10-Q for the first quarter ended March 31, 2021. As a result, the Company has filed a Form 12b-25 with the U.S. Securities and Exchange Commission to extend the Form 10-Q filing due date from May 17, 2021 to May 24, 2021.
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