NEW YORK, June 5, 2018 /PRNewswire/ -- Trident Acquisitions Corp. ("the Company" or "Trident") (NASDAQ: TDACU), a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, completed the sale of an additional 2,625,000 units pursuant to the 45-day over-allotment option granted to the underwriters in its initial public offering at an offering price of $10.00 per unit, generating additional gross proceeds of $26,250,000.
The total aggregate issuance by the Company of 20,125,000 units at a price of $10.00 per unit resulted in total gross proceeds of $201,250,000.
A total of $205,275,000 which includes the net proceeds from the exercise of the over-allotment option, net proceeds from the initial closing of the initial public offering and proceeds of the private placements conducted simultaneously with the initial closing of the initial public offering and the closing of the over-allotment option, has now been placed into a trust account for the benefit of the Company's public stockholders.
The Company's units began trading on the Nasdaq Capital Market ("Nasdaq") under the ticker symbol "TDACU" on May 30, 2018. Each unit consists of one share of common stock and a warrant to purchase one share of common stock. Each whole warrant may be exercised at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be listed on the NASDAQ under the symbols "TDAC" and "TDACW," respectively.
Chardan is serving as sole book-running manager for the offering, and I-Bankers Securities, Inc. is serving as co-manager.
A registration statement on Form S-1 (333-223655) relating to Trident's securities was declared effective by the Securities and Exchange Commission on May 29, 2018. The offering is being made only by means of a prospectus. Copies of the final prospectus for this offering, when available, may be obtained by mail at Chardan, Attention: Prospectus Department, 17 State Street, Suite 1600, New York, NY, 10004, or by telephone at 646-465-9000, or by email at [email protected]. The registration statement and a copy of the final prospectus relating to the initial public offering may also be accessed via the Securities and Exchange Commission's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About the Company
Trident Acquisitions Corp. 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. Trident's efforts to identify a prospective target business will not be limited to a particular industry or geographic region although we intend to focus our search for target businesses on oil and gas or other natural resources companies in Eastern Europe or that are interested in expanding into Eastern Europe.
Forward Looking Statements
Certain statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties not known or disclosed herein that could cause actual results to differ materially from those expressed herein. These statements may include projections and other "forward-looking statements" within the meaning of the federal securities laws. Any such projections or statements reflect management's current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from those projected. Important factors that could cause the actual results to differ materially from those projected include, without limitation, general economic or industry conditions nationally and/or in the communities in which our Company conducts business, volatility in commodity prices for crude oil and natural gas, environmental risks, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital or have access to debt financing, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, increases in operator costs, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices and other risks inherent in the Company's businesses that are detailed in the Company's Securities and Exchange Commission ("SEC") filings. Readers are encouraged to review these risks in the Company's SEC filings.
Vadim Komissarov, President & CFO Trident Acquisitions Corp. 646-229-7549