LIVERMORE, CA, August 5, 2024– Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovative leader in the field of fuel cell and hydrogen technology, today announced that the Company has entered into a Securities Purchase Agreement, with the institution. investor pursuant to which the Investor will lend the Company $1,000,000.
The investor also agreed to provide the Company with a one-year revolving line of credit for $2,000,000 upon the Company's filing of a Registration Statement on Form S-1 with the Securities and Exchange Commission regarding the underwriting or “best efforts” of the public. issued by the Company for its common stock and/or Common Stock equivalents at a dividend received by the Company of not less than $5,000,000.
The Company will use the proceeds from the loan for general corporate purposes, including expenses related to the preparation of its Annual Report on Form 10-K for the year ended December 31, 2023, and expenses to facilitate a public offering of common stock.
The loan has an interest rate of 18% per annum and must be paid off within one year. The Company is required to reduce the salary of the Chief Executive Officer by at least 50%, and one of the employees of the Company and its subsidiaries by 50%.
Closing is contingent upon (i) the Company filing its 2023 annual report on Form 10-K with the Securities and Exchange Commission; and (ii) the resignation of at least five current members of the Company's Board of Directors and the appointment to the Board of three nominees nominated by the Investor. As a result, (i) each of Nora Goudroupi, Anggelos Skutaris, Larry Epstein, Wayne Threatt and Von McConnell will resign as directors of the Company, and (ii) Katie Field, Richard Paolone and Avtar Dhaliwal they will be appointed to the Board of the Association. Directors. As of the closing of the Financing, the Class I Directors will be Vassilios Gregoriou and Katie Field, the Class II Directors will be Richard Paolone and Avtar Dhaliwal, and the Class III Director will be Emory DeCastro.
Dr. Vasilis Gregoriou, Chairman and CEO of Advent, commented: “This additional funding will enable us to further our mission to decarbonize the industry with our Ion-Pair™ MEA fuel cell technology. Advent's management team remains confident in the revolutionary potential of our fuel cell technology. We are delighted to welcome our new lender and board members.”
About Advent Technologies Holdings, Inc
Advent Technologies Holdings, Inc. is a US corporation that develops, manufactures, and assembles complete fuel cell systems and supplies customers with key fuel cell components for the renewable energy sector. Advent is headquartered in California and owns the next generation IP HT-PEM that makes a variety of oils that work at high temperatures and under extreme conditions, suitable for the automotive, aerospace, defense, oil and gas, marine, and power industries. For more information, visit www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements can generally be identified by the use of words such as “anticipate,” “anticipate,” “plan,” “may,” “likely,” “is,” “believe,” “estimate,” “forecast,” “goal,” ” project,” and other words with a 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. Operational risks and uncertainties include, among other things, the Company's ability to maintain a listing of the Company's common stock on Nasdaq; future financial performance; potential public securities and trading; the impact arising from the outcome of any known and unknown litigation; the ability to predict and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations about future costs; future mix of revenue and impact on net income; 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; expectations regarding its relationships and actions with technology partners and other third parties; the impact from future regulatory, judicial and legal changes in the industry; the ability to acquire and acquire complementary technologies or resources and to integrate those into the Company's business; future plans, or investments in other organizations or entities; and intense competition and competitive pressure from other companies around the world in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent's Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023, and other information filed with the SEC. Investors are cautioned not to place undue reliance on forward-looking statements contained in this press release. You are encouraged to read 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 in this press release speak only as of the date of this document, 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 carefully consider these risks and uncertainties.
Advent Technologies Holdings, Inc.
Michael Trontzos
[email protected]