NEW YORK, Feb. 26, 2020 /PRNewswire/ -- Trident Acquisitions Corp. (NASDAQ: TDACU, TDAC, TDACW) ("Trident"), a special purpose acquisition company, announced today that it has deposited into the Trident trust account (the "Trust Account") an aggregate of $500,000 (the "Extension Amount"), representing approximately $10.66 per share of common stock, in order to extend the period of time Trident has to complete a business combination for an additional three (3) months, from March 1, 2020 to June 1, 2020. Trident paid the Extension Amount out of its working capital. The purpose of the extension is to provide time for Trident to complete its initial business combination.
About Trident Acquisitions Corp.
Trident is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. In June 2018, Trident consummated a $201.25 million initial public offering of 20,125,000 units, each unit consisting of one share of common stock and one warrant entitling its holder to purchase one share of common stock at a price of $11.50 per share, at a price of $10.00 per unit. Trident's securities are quoted on the NASDAQ stock exchange under the ticker symbols TDACU, TDAC and TDACW.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including the funding of the Trust Account to extend the period of time for Trident to consummate a business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Trident, including those set forth in the Risk Factors section of Trident's annual report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. Trident undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.