Advent Technologies approves 1-for-30 reverse stock split

Advent Technologies Holdings announced that it will move forward with a 1-for-30 reverse stock split of its issued and outstanding common stock. The company expects its common stock to begin trading on a split-adjusted basis on the Nasdaq Capital Market with the opening of trading at a date to be determined by the company’s Board of Directors. The reverse stock split was approved on April 30, by Advent’s Board of Directors, following approval by the company’s stockholders at a special meeting held on April 29. The reverse stock split is intended to bring Advent into compliance with Nasdaq’s $1.00 per share minimum bid price requirement for continued listing and to make the company’s stock more attractive to a broader range of institutional and other investors. Additionally, on April 30 , the company submitted to Nasdaq its proposed compliance plan to file its Annual Report on Form 10-K on or before May 31.