Advent Technologies Holdings Approves Reverse Stock Split

Advent Technologies Holdings, Inc. (Nasdaq: ADN) (“Advent” or the “Company”) announced today 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 (“Nasdaq”) 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, 2024 by Advent’s Board of Directors, following approval by the Company's stockholders at a special meeting held on April 29, 2024. 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, 2024, the Company submitted to Nasdaq its proposed compliance plan to file its Annual Report on Form 10-K on or before May 31, 2024.

Advent’s common stock and publicly traded warrants will continue to trade on the Nasdaq Capital Market under the symbols “ADN” and “ADNWW,” respectively, following the reverse stock split, with new CUSIP numbers. After the reverse stock split, the number of outstanding shares of common stock will be reduced from approximately 77.6 million to approximately 2.6 million, subject to adjustment for fractional shares. No fractional shares will be issued in connection with the split, and stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment. Proportional adjustments will be made to the number of shares of common stock issuable upon conversion or exercise of the Company's equity awards and warrants, as well as the applicable conversion or exercise price.

Advent’s transfer agent, Continental Stock Transfer & Trust Company, will act as the exchange agent for the reverse stock split and will provide instructions to stockholders regarding the process. Additional information concerning the reverse stock split can be found in Advent’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 29, 2024.

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 Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent 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.