Advent Technologies (ADN) stock plummeted on Wednesday after the company received a delisting notice from The Nasdaq Stock Market LLC. This delisting notice was filed with the Securities and Exchange Commission (SEC) in a Form 8-K.
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The decision to delist Advent Technologies stock was due to a lack of compliance. The company has broken Nasdaq Listing Rule 5550(b)(1), which requires stockholders’ equity of at least $2.5 million. This will result in the delisting of ADN stock, as well as its warrants to purchase one share of the stock at an exercise price of $345 each. The SEC filing noted that a trading suspension will go into effect on Thursday.
While Advent Technologies is being delisted, investors will still be able to buy its stock afterward. The company expects its shares to start trading on the OTC market. The shares will still use the same ADN stock ticker and warrants will trade under the ADNWW symbol.
Advent Technologies Stock Movement Today
Advent Technologies stock was down 57.93% in pre-market trading on Wednesday, following a 3.56% drop yesterday. The shares have fallen 45.8% year-to-date but were up 52.25% over the past 12 months.
With today’s delisting news came heavy trading of ADN stock. This saw more than 636,000 shares traded, compared to a three-month daily average of about 287,000 units.
Is Advent Technologies Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Advent Technologies is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates ADN stock a Neutral (41) with a $2.50 price target. It cites “financial instability and negative valuation metrics” as reasons for this stance.
