Advent Technologies Holdings Inc (ADN): Form 8-K - Current report August 22 202...

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Friday, 08/23/2024 8:15:53 AM

Friday, August 23, 2024 8:15:53 AM

Form 8-K - Current report
August 22 2024
https://ih.advfn.com/stock-market/NASDAQ/advent-technologies-ADN/stock-news/94430774/form-8-k-current-report

Item 8.01 Other Events.

On August 16, 2024, Advent Technologies Holdings, Inc. (the “Company”) was informed that an arbitration decision and award was decided in favor of F.E.R. fischer Edelstahlrohre GmbH (“F.E.R.”), pursuant to the arbitration provisions of the Share Purchase Agreement dated June 25, 2021, whereby the Company acquired SerEnergy and FES on August 31, 2021. The arbitration was held in Frankfurt am Main, Germany in accordance with the Arbitration Rules of the German Arbitration Institute. The award in favor of F.E.R. is in the amount of approximately €4.5 million euro. The Company plans to appeal the decision and has instructed its counsel to file a motion with the Higher Regional Court of Frankfurt to set aside the arbitral award. At this time, the Company cannot accurately predict the outcome of this matter.