Advent Technologies Reaches Agreement for up to $3 Million in Debt from Institutional Investor
06 August 2024 - 6:00AM
Business Wire
Advent Technologies Holdings, Inc. (NASDAQ: ADN), an
innovation-driven leader in the fuel cell and hydrogen technology
sectors, today announced that the Company entered into a Securities
Purchase Agreement, with an institutional investor pursuant to
which the Investor will lend the Company $1,000,000.
The Investor has 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 with respect to an underwritten or “best
efforts” public offering by the Company of its common stock and/or
Common Stock equivalents for proceeds to 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 bears interest at the rate of 18% per year and is due
in full in one year. The Company is required to reduce the salary
of its Chief Executive Officer by at least 50%, and of each other
employee of the Company and its subsidiaries by up to 50%..
The closing of the transaction is subject to (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 of
the current members of the Company’s Board of Directors and
appointment to the Board of three nominees designated 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 will be appointed to the Board of
Directors. The Class I Directors will be Vassilios Gregoriou and
Emory DeCastro, the Class II Directors will be Richard Paolone and
Avtar Dhaliwal, and the Class III Director will be Katie Field.
Dr. Vasilis Gregoriou, Advent’s Chairman and CEO,
commented: "This additional funding will empower us to further
our mission of decarbonizing hard-to-abate sectors through our
Ion-Pair™ MEA fuel cell technology. Advent’s management team
remains confident in the transformative potential of our fuel cell
technology. We are pleased to welcome our new lender and board
members.”
About Advent Technologies Holdings, Inc
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles complete fuel cell systems as
well as supplying customers with critical components for fuel cells
in the renewable energy sector. Advent is headquartered in
California and holds the IP for next-generation HT-PEM that enables
various fuels to function at high temperatures and under extreme
conditions, suitable for the automotive, aviation, defense, oil and
gas, marine, and power generation sectors. For more information,
visit www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes 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,” “forecast,” “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 performance; public securities’ potential
liquidity and trading; impact from the outcome of any known and
unknown litigation; ability to forecast and maintain an adequate
rate of revenue growth and appropriately plan its expenses;
expectations regarding future expenditures; future mix of revenue
and effect on gross margins; attraction and retention of qualified
directors, officers, employees and key personnel; ability to
compete effectively in a competitive industry; ability to protect
and enhance Advent’s corporate reputation and brand; expectations
concerning its relationships and actions with technology partners
and other third parties; impact from future regulatory, judicial
and legislative changes to the industry; ability to locate and
acquire complementary technologies or services and integrate those
into the Company’s business; future arrangements with, or
investments in, other entities or associations; and intense
competition and competitive pressure from other companies worldwide
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, as well as the other
information filed with the SEC. Investors are cautioned not to
place considerable reliance on the 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 substantial risks and uncertainties, including those
referenced above. Investors, potential investors, and others should
give careful consideration to these risks and uncertainties.
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Advent Technologies Holdings, Inc. Michael Trontzos
press@advent.energy
Advent Technologies (NASDAQ:ADN)
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