Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On June 3, 2021, Trident Acquisitions Corp. (the "Company") received a notice
(the "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. Since the Company's registration statement
became effective on May 29, 2018, it was required to complete an initial
business combination by no later than May 29, 2021. 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.
The Nasdaq Notice provides that the Company can stay any suspension or delisting
and appeal the determination by requesting a hearing before an independent
Hearings Panel (the "Panel"), which the Company has done.
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 Nasdaq
Notice.
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