Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On May 28, 2021, Trident Acquisitions Corp. (the "Company") received a notice
from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq"),
which stated that the Company was not in compliance with Nasdaq Listing Rule
5250(c)(1) because it had not filed its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021 with the Securities and Exchange Commission
("SEC"). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file
all required periodic financial reports with the SEC.
On April 12, 2021, the staff of the SEC issued a public statement entitled
"Staff Statement on Accounting and Reporting Considerations for Warrants Issued
by Special Purpose Acquisition Companies ("SPACs")" (the "Statement"), which
provided guidance for all SPAC-related companies regarding the accounting and
reporting for their warrants. The new guidance set forth in the Statement has
resulted in a significant number of SPACs re-evaluating the accounting treatment
for their warrants with their professional advisors, including auditors and
other advisors responsible for assisting SPACs in the preparation of financial
statements. This, in turn, resulted in the Company's delay in preparing and
finalizing its financial statements as of and for the quarter ended March 31,
2021 and filing its Quarterly Report on Form 10-Q with the SEC by the prescribed
deadline.
Under Nasdaq rules, the Company has 60 calendar days from the date of the notice
to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.
If the Company is unable to file the Quarterly Report by that date, the Company
is permitted to submit a plan of compliance on or prior to that date. If Nasdaq
accepts the Company's plan, then Nasdaq may grant the Company up to 180 days
from the due date for the Quarterly Report to regain compliance.
The Company is actively working with its auditors and advisors and intends to
file its Quarterly Report as soon as possible to regain compliance.
The notice has no immediate impact on the listing or trading of the Company's
securities on Nasdaq.
On May 28, 2021, the Company issued a press release announcing its receipt of
the notice. A copy of the press release is attached as Exhibit 99.1 and is
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
99.1 Press Release Dated June 2, 2021
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