Advent Technologies Receives Nasdaq Notification of Listing Compliance and Names Three New Directors

LIVERMORE, California, September 4, 2024–(BUSINESS WIRE)–Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovative leader in the fuel cell and hydrogen technologies sectors, today announced that it has received a letter from the Listing Qualifications Department of the Nasdaq Stock Exchange (“Nasdaq”) confirming that the Company has corrected its previous deficiencies related to the filing of its annual report on Form 10-K on August 13, 2024. The letter also informed Advent Technologies that it continued to be out of compliance with Nasdaq Listing Rule 5250(c)(1) due to a delay in filing its quarterly reports on Form 10-Q for the periods ended March 31, 2024. (the “First Quarter 10-Q”) and June 30, 2024 (the “Second Quarter 10-Q” and together with the First Quarter 10-Q, the “Outstanding Reports”). The Nasdaq letter has no direct impact on the listing or trading of Advent Technologies shares.

Nasdaq has granted the Company an extension to file the Overdue Reports until October 14, 2024. Advent Technologies is actively working to complete the required filings and is committed to regaining full compliance by that deadline.

In addition, the Company announced that, effective August 30, 2024, Nora Goudroupi, Anggelos Skutaris, Larry Epstein, Wayne Threatt and Von McConnell will resign from their Board of Directors, and Gary Herman has been appointed as a Class I member of the Company’s Board of Directors, and Marc Seelenfreund and Avtar Dhaliwal as Class II members of the Company’s Board of Directors and as members of the Audit Committee of the Company’s Board of Directors.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is an American corporation that develops, manufactures and assembles complete fuel cell systems, and provides customers with key fuel cell components for the renewable energy sector. Advent is headquartered in California and holds the intellectual property rights for next-generation HT-PEM fuel cells that enable a variety of fuels to operate at high temperatures and extreme conditions, suitable for the automotive, aerospace, defense, oil and gas, marine and power generation sectors. For more information, visit www.advent.energy.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “project,” “goal,” “project” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial results; the potential liquidity and trading of public securities; the impact of the outcome of any known and unknown litigation; the ability to forecast and maintain an appropriate rate of revenue growth and appropriately plan expenses; expectations regarding future expenses; the future revenue mix and the impact on gross margins; attracting and retaining qualified directors, officers, employees and key personnel; the ability to compete effectively in a competitive industry; the ability to protect and enhance Advent’s corporate reputation and brand; expectations regarding relationships and activities with technology partners and other third parties; the impact of future regulatory, judicial and legislative changes in the industry; the ability to locate and acquire complementary technologies or services and integrate them into the Company’s operations; future arrangements with or investments in other entities or associations; and intense competition and competitive pressures from other companies worldwide in the industries in which the Company will operate; and the risks identified in the “Risk Factors” section of Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on August 13, 2024, and other information filed with the SEC. Investors are cautioned not to place significant reliance on the forward-looking statements contained in this press release. We encourage you to refer to Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to significant risks and uncertainties, including those listed above. Investors, potential investors and others should consider these risks and uncertainties carefully.

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Communication

Advent Technologies Holdings, Inc.
Michael Trontzos
[email protected]