UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed, on June 3, 2021, Trident Acquisitions Corp. (the “Company”) received a notice (the “First Nasdaq Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company was not in compliance with Listing Rule IM-5101-2 (the “Rule”), which requires that a special purpose acquisition company (“SPAC”) complete one or more business combinations within 36 months of the effectiveness of the registration statement filed in connection with its initial public offering. The Rule also provides that failure to comply with this requirement will result in the Listing Qualifications Department issuing a Staff Delisting Determination under Rule 5810 to delist the Company’s securities from Nasdaq. In accordance with the First Nasdaq Notice, the Company requested a hearing before an independent Hearings Panel (the “Panel”), which had the effect of staying the delisting process.
On June 21, 2021, the Company received a second notice from Nasdaq (the “Second Nasdaq Notice”) stating that , since the Company had not yet filed its Form 10-Q for the period ended March 31, 2021 (the “Form 10-Q Deficiency”) as required under Listing Rule 5250(c)(1), such deficiency serves as an additional basis for delisting the Company’s securities. The Second Nasdaq Notice provided formal notification to the Company that the Panel will consider the Form 10-Q Deficiency at the hearing to be held in connection with the First Nasdaq Notice.
The Second Nasdaq Notice has no immediate effect on the listing of the Company’s common stock on Nasdaq. The Company’s securities will continue to trade on Nasdaq throughout the hearing process and any additional extension period that may be granted by the Panel.
Although there can be no assurance that the hearing before the Panel will be successful, the Company is confident that it will be granted additional time in order to complete its previously announced business combination with Autolotto, Inc., doing business as Lottery.com, which would result in the Company ceasing to be a SPAC and therefore mooting out the deficiency set forth in the First Nasdaq Notice.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: June 25, 2021 | ||
| TRIDENT ACQUISITIONS CORP. | ||
| By: | /s/ Vadim Komissarov | |
| Name: | Vadim Komissarov | |
| Title: | Chief Executive Officer | |