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NEW YORK, June 25, 2021 (GLOBE NEWSWIRE) – Trident Acquisitions Corp. (the “Company”) filed a Form 10-K / A for the period ended March 31, 2021 on June 25, 2021 after receiving a second notice from Nasdaq (the “second notice from Nasdaq”) on June 21, 2021. The Nasdaq’s second opinion indicated that, since the company had not yet filed its Form 10-Q for the period ended March 31, 2021 (the “Form 10-Q”), such an impairment serves as an additional basis for the write-off of Company securities. The second Nasdaq notice formally notified the company that the panel will consider the insufficiency of Form 10-Q at the hearing to be held in connection with the notice the company received from Nasdaq on June 3, 2021, indicating that the company was not in compliance with the IM-5101-2 Listing Rule (the “Nasdaq First Notice”). Today’s filing of Form 10-K / A allows the company to imminently file Form 10-Q, seeking to eliminate delinquency.
The Company’s filing of Form 10-K / A marks the Company’s progress in finalizing its accounting analysis for warrants. The Company plans to file its 10-Q as soon as possible. As a reminder, on April 12, 2021, the Acting Director of the Division of Corporation Finance and the Acting Chief Accountant of the Securities and Exchange Commission jointly issued a public statement (the “SEC Warrant Accounting Statement”) on accounting considerations and reporting for warrants. issued by ad hoc acquisition companies (“SPAC”). The SEC statement on warrant accounting addressed “certain characteristics of warrants issued in PSPC transactions” which “may be common to many entities.” The SEC’s warrant accounting statement stated that when one or more of these features are included in a warrant, the warrant “should be classified as a liability measured at fair value, changes in the fair value at each period being recognized in income “. As an SPAC, the Company has taken all necessary steps to align with the SEC’s warrants accounting statement.
The Company’s securities will continue to trade on the Nasdaq throughout the hearing process and any additional extension period that may be granted by the Panel.
While there can be no assurance that the Panel hearing will be successful, the Company is confident that it will have additional time to complete its previously announced business combination with Autolotto, Inc. , doing business as Lottery.com, which would cause the Company to cease to be a SPAC and thus eliminate the loophole set out in the first Nasdaq notice.
About Trident Acquisitions Corp.
Trident is a blank check company incorporated for the purpose of completing a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with a or several companies or entities. Trident’s securities are listed on the Nasdaq Stock Exchange under the symbols TDACU, TDAC and TDACW. For more information visit tridentacquisitions.com.
Lottery.com is a leading technology company transforming how, where and when the lottery is played. Our attractive mobile and online platforms allow players and business partners located in the United States and around the world to purchase legally sanctioned lottery games remotely. Fans and subscribers look to us for compelling real-time results on over 800 lottery games in over 40 countries. In addition, through WinTogether.org, we’re fundamentally changing the way nonprofit donors are made to act by gamifying charitable giving. In everything we do, our mission remains the same: an uncompromising passion to innovate, develop a new demographic of enthusiasts, deliver responsible and trusted solutions, and promote community and philanthropic initiatives.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond Trident’s control, including those set out in the Risk Factors section of Trident’s annual report on Form 10 -K for the fiscal year ended December 31, 2020, filed with the SEC. Copies are available on the SEC website, www.sec.gov. Trident assumes no obligation to update these statements for revisions or changes after the date of this version, except as required by law.
Important information and where to find it
In connection with the proposed business combination, Trident will file with the SEC a registration statement on Form S-4 (the “Registration Statement”) which will include a preliminary proxy statement (the “Power of Attorney Statement”). for the solicitation of proxies from Trident. shareholders. In addition, Trident will file other relevant documents with the SEC in connection with the proposed business combination. Copies can be obtained free of charge from the SEC’s website at www.sec.gov. A definitive proxy will be mailed to Trident shareholders on a record date to be established for voting on the proposed business combination. Investors and securityholders of Trident are urged to read the registration statement and proxy statement and other relevant documents when available before making a voting decision regarding the proposed business combination, as they will contain important information about the business combination and the parties. business combinations. The information contained on, or accessible through, the websites referenced in this press release is not incorporated by reference into, and does not form part of, this press release.
Participants in the call for tenders
Trident and its directors and officers may be considered participants in the solicitation of proxies from the shareholders of Trident in connection with the proposed business combination. Lottery.com and its officers and directors may also be considered participants in such solicitation. Securityholders may obtain more detailed information regarding the names, affiliations and interests of certain officers and directors of Trident in the solicitation by reading Trident’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. , and the registration statement and other relevant documents filed with the SEC in connection with the business combination when available. Information regarding the interests of Trident’s participants in the solicitation, which may, in some cases, be different from those of their shareholders in general, will be set out in the proxy circular relating to the business combination when it becomes available. .
No offer or solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration. or qualification under securities. laws of such jurisdiction. No offer of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act.
Investor Relations Contact:Gateway Investor Relations Cody Slach (949) 574-3860[email protected]
Contact Trident:Vadim Komissarov CEO (646) 229-7549[email protected]
Source: Trident Acquisitions