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.
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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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 9, 2021
TRIDENT ACQUISITIONS CORP.
| By: | /s/ Vadim Komissarov | |
| Name: | Vadim Komissarov | |
| Title: | Chief Executive Officer |
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