Advent Systems Delivers Business enterprise Update

Delivers Document 1st Quarter 2021 Results with Earnings of $1.49 million, Exceeding Complete FY 2020 Profits and Demonstrating Elevated Demand Across All Sectors

Enterprise Carries on to Operate Expeditiously to Total Beforehand Announced Monetary Restatement and File its Modification No. 1 to Type 10-K

Documents Type 12b-25 to Prolong Submitting Date for 1st Quarter 2021 Variety 10-Q

Arrival Systems Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Enterprise”), currently delivered a business update as it is effective to finish its previously introduced economic restatement and file its Amendment No. 1 to Sort 10-K for the year ended December 31, 2020. The Firm also declared that it has submitted a Form 12b-25 to increase the submitting date of its Quarterly Report on Type 10-Q for the quarter finished March 31, 2021.

Arrival proceeds to execute on its small business strategy to guide the current market in the high temperature proton trade membrane (HT-PEM) centered fuel cell elements and methods sector. This development follows the profitable organization mix with AMCI Acquisition Corp. and Advent’s subsequent acquisition of UltraCell in the 1st quarter of 2021. The Corporation expects to report $1.49 million in income in the initial quarter of 2021, which is a material enhance to income documented for fiscal 2020. On top of that, Introduction remains properly capitalized with $124 million of cash on the balance sheet, which will enable it to proceed to execute on its strategic and operational priorities. The Organization expects the balance of the 12 months to remain solid as it continues to obtain fascination and demand for its present and building engineering.

Vasilis Gregoriou, Advent’s Main Executive Officer, reported: “As a community company we are going forward at a immediate speed, bringing our HT-PEM solutions to new and current marketplaces. The fundamentals of our enterprise continue being strong and the development that our team has built around the past three months is genuinely unbelievable. Pursuing the profitable close of our business mixture with AMCI Acquisition Corp. in the 1st quarter, we have worked diligently to construct on our initiatives to expand Advent’s organization and develop our earnings streams. This aided us supply $1.49 million in income in the quarter – properly ahead of our earnings effectiveness for all of fiscal 2020 – driven by a robust pipeline of new business. We glimpse forward to making on this momentum and carry on with our mission to develop into a main service provider of fuel mobile technology, helping to allow the hydrogen economic climate.”

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The Company’s company momentum is even more bolstered by current announcements, such as:

• Major desire maximize for MEAs (Membrane Electrode Assemblies) from gasoline mobile developers in the mobility and stationary software marketplaces, redox flow battery resources and engineering expenses for electrochemical sensor development.

• Greater demand from customers for our wearable gas mobile solutions. Arrival subsidiary, UltraCell proceeds its foremost position in furnishing moveable options to the defense and national stability marketplaces.

• Continued growth of our future-era HT-PEM technological innovation along with the Division of Vitality. Arrival, alongside with our partners at Los Alamos Nationwide Laboratory, Brookhaven National Laboratory and Nationwide Renewable Energy Laboratory are advancing a variety of breakthrough components for the HT-PEM market.

• Opened its new world headquarters in Boston, a preeminent heart of innovation and engineering enhancement.

• Commenced designs for the development of its new R&D and production facility in Charlestown, MA.

Financial Restatement

As formerly announced on May possibly 7, 2021 the Enterprise has decided to restate its 2019 and 2020 economic statements in light-weight of the U.S. Securities and Trade Commission’s (the “SEC”) not too long ago issued “Team Assertion on Accounting and Reporting Issues for Warrants Issued by Specific Function Acquisition Organizations (“SPACs”)” (the “Staff members Statement”). This Staff Statement issued on April 12, 2021 knowledgeable market members that warrants issued by SPACs and previous SPACs may well have to have to be reclassified as liabilities with non-funds good benefit changes recorded in earnings at every single reporting period. The Firm had formerly categorized its issued warrants as fairness. The Enterprise presently expects that the reclassification of the warrants will have no impression on its historical liquidity, income flows or revenues.

The Firm is doing the job diligently with its auditors in order to finalize and to file an modification to its Annual Report on Sort 10-K for the yr finished December 31, 2020 (the “Type 10-K/A”) reflecting the reclassification of the warrants for the Non-Reliance Periods as shortly as practicable. The adjustments to the economic statement objects for the Non-Reliance Durations will be set forth as a result of disclosures in the monetary statements incorporated in the Type 10-K/A.

Presented the time and concentrate focused to the restatement procedure and the completion and submitting of the Company’s Variety 10-K/A, the Enterprise demands supplemental time to complete its customary quarterly evaluate and reporting procedure and the submitting of its Variety 10-Q for the initial quarter finished March 31, 2021. As a outcome, the Business has submitted a Variety 12b-25 with the U.S. Securities and Trade Commission to extend the Sort 10-Q filing due date from Might 17, 2021 to Could 24, 2021.

About Advent Technologies Holdings, Inc.

Introduction Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles critical elements for fuel cells and sophisticated power systems in the renewable strength sector. Arrival is headquartered in Boston, Massachusetts, with places of work in the San Francisco Bay Region and Europe. With 120-as well as patents (issued and pending) for its fuel cell technological know-how, Arrival holds the IP for up coming-gen superior-temperature proton trade membranes (HT-PEM) that allow several fuels to operate at superior temperatures under intense problems – giving a adaptable ‘Any Gasoline. Anywhere’ possibility for the automotive, maritime, aviation and power era sectors.

Cautionary Note Regarding Ahead-On the lookout Statements

This press launch features ahead-hunting statements. These ahead-hunting statements frequently can be determined by the use of words these as “foresee,” “hope,” “prepare,” “could,” “may possibly,” “will,” “feel,” “estimate,” “forecast,” “aim,” “job,” and other words of very similar meaning. These forward-looking statements address various matters like the Company’s strategies and expectations with regard to its operating and financial overall performance for the remainder of 2021, the improved desire for its wearable gasoline cell products, the continued improvement of its future-era HT-PEM technologies along with the Division of Electricity, the development of possible breakthrough components for the HT-PEM current market, the opening of its new production facility and headquarters in Boston, the predicted impression of the accounting improvements and the restatement on the Company’s prior and potential fiscal statements, financial position and success of functions, and the Company’s predicted means and timing of its submitting of its Sort 10-K/A and its Type 10-Q for the to start with quarter finished March 31, 2021 with the SEC. Every single ahead-wanting assertion contained in this push release is subject to dangers and uncertainties that could trigger actual effects to di
ffer materially from individuals expressed or implied by these kinds of assertion. Relevant risks and uncertainties involve, amid other individuals, the Company’s skill to know the gains from the company mix the Company’s skill to keep the listing of the Company’s prevalent inventory on Nasdaq long term economic overall performance public securities’ probable liquidity and investing effects from the consequence of any identified and mysterious litigation capacity to forecast and retain an ample amount of profits progress and appropriately system its expenses expectations pertaining to long run expenditures foreseeable future combine of revenue and impact on gross margins attraction and retention of certified directors, officers, employees and critical personnel potential to contend proficiently in a competitive field potential to defend and improve our company track record and model expectations regarding our associations and steps with our technological know-how associates and other third parties effect from foreseeable future regulatory, judicial and legislative improvements to the field potential to find and purchase complementary technologies or expert services and combine all those into the Company’s business upcoming arrangements with, or investments in, other entities or associations and powerful competition and competitive pressure from other businesses around the globe in the industries in which the Corporation will run and the dangers discovered below the heading “Chance Factors” in our Once-a-year Report on Sort 10-K submitted with the Securities and Exchange Commission on March 26, 2021, as nicely as the other details we file with the SEC. We caution buyers not to area considerable reliance on the ahead-wanting statements contained in this push release. You are encouraged to study our filings with the SEC, available at www.sec.gov, for a dialogue of these and other risks and uncertainties. The ahead-seeking statements in this push release discuss only as of the date of this document, and we undertake no obligation to update or revise any of these statements. Our small business is subject to sizeable hazards and uncertainties, which includes all those referenced over. Buyers, probable buyers, and other folks really should give very careful consideration to these challenges and uncertainties.

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Contacts

Arrival Systems Holdings, Inc.
Elisabeth Maragoula
[email protected]

Sloane & Business
Joe Germani / James Goldfarb
[email protected] / [email protected]