# EDGAR Filing Document

**Accession Number:** 0001744494
**File Stem:** 0001829126-23-001969
**Filing Date:** 2023-3
**Character Count:** 31603
**Document Hash:** 1325dca0b753d07cde197243f77fa7a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-001969.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001829126-23-001969

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230306

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVENT TECHNOLOGIES HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001744494
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **IRS NUMBER:** 830982969
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38742
- **FILM NUMBER:** 23724362

**BUSINESS ADDRESS:**
- **STREET 1:** 500 RUTHERFORD AVENUE
- **STREET 2:** SUITE 102
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02129
- **BUSINESS PHONE:** 857-264-7035

**MAIL ADDRESS:**
- **STREET 1:** 500 RUTHERFORD AVENUE
- **STREET 2:** SUITE 102
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMCI Acquisition Corp.
- **DATE OF NAME CHANGE:** 20180622

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): March 6, 2023

**ADVENT TECHNOLOGIES HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38742** | **83-0982969** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer <br> Identification No.) |

---

**500 Rutherford Avenue, Suite 102**

**Boston, MA 02129**

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **(617) 655-6000**

**200 Clarendon Street**

**Boston, MA 02116**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, par value $0.0001 per share** | **ADN** | **The Nasdaq Capital Market** |
| **Warrants to purchase one share of common stock, each at an exercise price of $11.50** | **ADNWW** | **The Nasdaq Capital Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 8.01 Other Events.**

On February 2, 2021, AMCI Acquisition Corp., a Delaware corporation ("AMCI"), the predecessor to Advent Technologies Holdings, Inc., a Delaware corporation (the "Company"), held a special meeting of stockholders (the "AMCI Special Meeting") to approve certain matters relating to the business combination between AMCI and Advent Technologies Inc. One of these matters contained in the business combination proposal was to approve an amendment and restatement of AMCI's Certificate of Incorporation (as so amended and restated, the "New Charter"). The New Charter amended the predecessor certificate of incorporation of AMCI (the "Old Charter"). The Old Charter authorized 100 million shares of Class A Common Stock. Among other things, the New Charter amended the Old Charter by increasing the number of these shares authorized for issuance from 100 million to 110 million and by re-designating the Class A Common Stock as Common Stock.

The New Charter was approved by a majority of the shares of Class A and Class B common stock of AMCI, voting together as a single class, that were outstanding as of the record date for the AMCI Special Meeting. After the AMCI Special Meeting, AMCI and Advent Technologies Inc. closed the business combination. In connection with the closing, AMCI changed its name to Advent Technologies Holdings, Inc., and the New Charter was filed with the Secretary of State of the State of Delaware on February 4, 2021.

As of December 31, 2022, the Company had 51,717,720 shares of Common Stock issued and outstanding, as well as 33,285,449 shares of Common Stock reserved for issuance to satisfy the conversion or exercise of outstanding warrants, rights and options, meaning a total of 85,003,169 shares of Common Stock of the 100 million shares of Class A common stock authorized by the Old Charter are not available for new issuances.

A recent ruling by the Court of Chancery introduces uncertainty as to whether Section 242(b)(2) of the Delaware General Corporation Law (the "DGCL") would have required the New Charter to be approved by a separate vote of the majority of AMCI's then-outstanding shares of Class A common stock.

To date, no stockholder has given the Company notice of any allegations or demand letters about the proper stockholder votes necessary to approve the New Charter. However, to resolve potential uncertainty with respect to the Company's capital structure, on March 6, 2023, the Company filed a petition in the Delaware Court of Chancery (the "Court of Chancery") under Section 205 of the DGCL to seek validation of the New Charter (the "Petition"). Section 205 of the DGCL permits the Court of Chancery, in its discretion, to ratify and validate potentially defective corporate acts. The Petition filed by the Company in the Court of Chancery is captioned In Re Advent Technologies Holdings, Inc. (C.A. No. 2023-0280-LWW (Del. Ch.)). Concurrently with the Petition, the Company filed a motion to expedite the hearing on the Petition.

On March 7, 2023, the Court of Chancery granted the motion to expedite and set a hearing date for the Petition to be heard. The hearing has been set for March 29, 2023 at 9:15 a.m. Eastern Time, at the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801. As required by the Court of Chancery, the Company is filing the Petition with this Current Report on Form 8-K, a copy of which is attached hereto as Exhibit 99.1.

This Form 8-K constitutes notice of the hearing. If any stockholder of the Company wishes to express a position on the Petition, such stockholders of the Company may (i) appear at the hearing or (ii) file a written submission with the Register in Chancery, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801, referring to the case caption, In Re Advent Technologies Holdings, Inc. (C.A. No. 2023-0280-LWW (Del. Ch.)), in advance of the hearing, and any such written submission should be emailed to the Company's counsel, Kevin M. Coen Esq., Morris, Nichols, Arsht & Tunnell LLP, at kcoen@morrisnichols.com.

If the Company is not successful in the Section 205 proceeding, the uncertainty with respect to the Company's capitalization resulting from the Court of Chancery's ruling referenced above could have a material adverse impact on the Company, including on the Company's ability to conduct equity financing transactions in the near-future. This uncertainty could impair the Company's ability to execute its business plan.

 **Item 9.01 Financial Statements and Exhibits.**

 

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 99.1 | [Petition of Advent Technologies Holdings, Inc. Pursuant to 8 Del. C. § 205.](adventtech_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

*Forward-Looking Statements*

This report includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements.

In particular, no assurances can be made regarding the outcome or the timing of the Section 205 proceeding. If the Company is unsuccessful in the Section 205 proceeding, the uncertainty with respect to the Company's capitalization could limit its ability to conduct equity financing transactions in the near-future. As described above, this uncertainty could have a material adverse effect on the Company.

**SIGNATURE**

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **ADVENT TECHNOLOGIES HOLDINGS, INC.** | **ADVENT TECHNOLOGIES HOLDINGS, INC.** | **ADVENT TECHNOLOGIES HOLDINGS, INC.** |
|  | By: | /s/ James F. Coffey | /s/ James F. Coffey |
| Dated: March 10, 2023 |  | Name: | James F. Coffey |
|  |  | Title: | Chief Operating Officer and General Counsel |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

IN THE COURT OF CHANCERY FOR THE STATE OF DELAWARE

IN RE ADVENT TECHNOLOGIES HOLDINGS, INC.))) C.A. No. 2023-<u>_______</u>

**<u>VERIFIED PETITION FOR RELIEF UNDER 8 *DEL. C.* § 205</u>**

Petitioner Advent Technologies Holdings, Inc. ("<u>Advent</u>" or the "<u>Company</u>") brings this petition (the "<u>Petition</u>") for relief under Section 205 of the Delaware General Corporation Law (the "<u>DGCL</u>"):

**<u>NATURE OF THE ACTION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This is another Petition for relief under Section 205 relating to a de-SPAC transaction. The Company seeks to validate a Second Amended and Restated Certificate of Incorporation that it filed in Delaware on February 4, 2021 (the "<u>Charter</u>") and to validate the securities issued in reliance thereon. Ex. A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. As a comparison to similar petitions the Court has addressed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *No Class Vote Was Obtained.* The Company did not obtain a separate class
vote of its Class A Common Stock to adopt the Charter, even though the Charter increased the number of shares of Class A Common Stock
authorized for issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *No Overissued Shares To Date.* The Company has not issued shares in excess
of the share limit in its predecessor certificate of incorporation (the " <u>Old Charter</u> "). This petition nevertheless
seeks to validate the securities issued in reliance on the Charter, to confirm that the stock (and securities convertible into stock)
that have been issued since effecting the Charter have the attributes provided in the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Remaining Issue With The Headroom To Issue New Shares.* The Old Charter
authorized for issuance 100 million shares of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Prompt Relief Is Necessary.* Because the Company's stock is not currently overissued, the
Company could in theory seek a Section 204 ratification. However, that process would take too much time. The Company's auditor may
require a Section 205 validation order before approving the Company's Form 10-K annual report due at the end of this month. In addition,
as mentioned above, the Company may need the additional headroom provided by the Charter to raise financing, through stock issuances commencing
as soon as next month. The Company wishes to resolve the uncertainty about the Charter to ensure its annual report may be filed in a timely
manner and to issue shares to raise financing.

**<u>BACKGROUND</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *SPAC Formation.* The Company was incorporated on June 18, 2018. It filed an amended and restated certificate of incorporation on November 15, 2018, and twice amended that document, on May 19, 2020 and October 16, 2020. The second amended and restated charter (as twice amended) is the "Old Charter" that was in effect at the time the Company sought stockholder approval of the current Charter. *See* Ex. B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Business Combination*. The Company entered into a business combination (the "<u>Business Combination</u>") to acquire a private company referenced herein as "<u>Private Advent</u>."<sup>1</sup> The Business Combination resulted in the Company becoming an advanced materials and technology development company operating in the fuel cell and hydrogen technology space.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Charter Amendments.* Relevant to this Petition, the Charter re- designated its "Class A Common Stock" as "Common Stock" and increased the authorized number of shares of this class of stock. The Old Charter authorized 100 million shares of Class A Common Stock, and the Charter authorizes 110 million shares of Common Stock. Unlike other de-SPAC petitions, the Charter did not effect an amendment to "opt out" of the class vote provided by Section 242(b) of the DGCL. This means that, even after the Charter was approved, additional share increases to the Common Stock require a class vote of the Common Stock.<sup>2</sup>

<sup>1</sup> A wholly-owned subsidiary of the Company merged into Private Advent, making Private Advent a wholly-owned subsidiary of the Company.

<sup>2</sup> The Charter only provides an "opt out" for changes to the authorized number of shares of Preferred Stock, and no Preferred Stock is outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Voting Standard Disclosed to Stockholders.* The proxy materials used to solicit Company stockholder approval of the Business Combination and the Charter stated that the Charter required approval by "the affirmative vote of a majority of the issued and outstanding shares of AMCI Common Stock [defined in the proxy materials as the Class A Common Stock and Class B Common Stock then outstanding],"<sup>3</sup> which the Company believed to be the correct standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Stockholder Adoption and Votes Obtained.* At a special meeting held on February 2, 2021, the Charter Proposal was approved by a majority of the Class A Common Stock and Class B Common Stock, voting as a single class, but was not approved by a majority of the Class A Common Stock, voting as a separate class.<sup>4</sup> Because this approval satisfied the voting standards described in the proxy materials, and which the Company believed to be the correct standard, the Company caused the Charter to be filed with the Office of the Secretary of State of the State of Delaware.

<sup>3</sup> Ex. C at 10. Exhibit C is an excerpt of the proxy materials distributed to Company stockholders in connection with the de-SPAC. The entire document is available at: https://www.sec.gov/Archives/edgar/data/1744494/000114036121001549/nt 10016622x9_424b3.htm

<sup>4</sup> The amendments enacted by the Charter were divided into several proposals, but none of them expressly addressed the number of shares of Common Stock authorized for issuance. The following results are based on the proposal that received the greatest number of "for" votes. Out of a total of 9,061,136 shares of Class A Common Stock entitled to vote, the holders of 2,654,002 shares voted "for" the adoption of the Charter (less than 30%). The holders of all of the 5,513,019 shares of Class B Common Stock outstanding voted in favor of the adoption of the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Issues Related to the Boxed Decision.* The shares of Class A Common Stock and Class B Common Stock were authorized in Section 4.1 of the Old Charter, using substantially the same words as the charter at issue in the Court of Chancery's decision in *Garfield v. Boxed.*<sup>5</sup> It is therefore unclear whether the Class A Common Stock should have been considered a separate class for purposes of the DGCL. If so considered, there was no "opt out" in the Old Charter to the class voting requirement for share increases set forth in Section 242(b)(2) of the DGCL. Accordingly, a class vote of the Class A Common Stock might have been required under *Boxed* but was neither sought nor obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Common Stock Authorized For Issuance.* The Old Charter authorized 100 million shares of Class A Common Stock. The Charter re-named the Class A Common Stock as Common Stock and authorized the issuance of an additional ten million shares.

<sup>5</sup> 2022 WL 17959766 (Del. Ch. Dec. 27, 2022).

**<u>CONSIDERATIONS WARRANTING RELIEF UNDER SECTION 205</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company's auditor has not confirmed what processes are necessary to address the issue raised
by the Charter and to finalize the Company's financials by the time it wishes to file its Form 10-K annual report by the end of
this month. Given the position taken by other accounting firms, the Company has concerns that its auditor will require a Section 205 validation
order.

soon as the month of April. Allowing lead time to prepare and mail proxy materials, the Company could not obtain a vote on the ratification
any sooner than the middle of May. Following stockholder approval, the Company would need to file a certificate of validation, and up
to two months could elapse before the Office of the Secretary of State of the State of Delaware issues a certified copy of the validation,
acknowledging acceptance of the filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notably, the Company intends to seek stockholder approval of an increase in its number of shares of Common
Stock authorized for issuance, above the 110 million authorized by the Charter. However, that vote is planned to occur at the Company's
annual meeting to be scheduled on or about June 7, 2023, consistent with the schedule for the meeting last year, which was held on June

votes to increase the number of authorized shares, the
Company wishes to disclose with certainty the total number of shares currently authorized, to ensure accurate disclosure to stockholders
and to avoid any questions about the future share increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *The Company filed the Charter with the belief that it had been approved in accordance with the DGCL.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Based upon information provided by the Company's counsel, and as noted in this Court's opinion
regarding the *Lordstown* petition, many SPACs read their charters as creating separate series of common stock, rather than separate
classes of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the transaction documents for the Business Combination, the Company (as the
pre-Business Combination SPAC) made representations and warranties to Private Advent that the merger consideration to be issued to the
stockholders of Private Advent (*i.e*., the stock with the rights set forth in the Charter) would be duly and validly issued, fully
paid and nonassessable, which would require the combined vote of the Class A Common Stock and Class B Common Stock to approve the Charter.
The SPAC counsel issued an opinion with the S-4 registration statement concerning the de-SPAC that the shares issued to stockholders will
be validly issued, fully paid and non- assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The SPAC management team was replaced with the Private Advent management team
in connection with the Business Combination. The current management team was not ultimately responsible for ensuring the required stockholder
votes had been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *The Company and third parties have treated the Charter as valid.* The Private Advent stockholders relied on the validity of the Charter because it set forth the terms of the securities that they received as a result of the Business Combination. These terms included the headroom to authorize up to 110 million shares of Common Stock. The additional ten million shares of headroom are part of the Company's business plan for raising funds to finance its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *Harm resulting from Validation.* The Company is not aware of any harm that will result from the validation of the Charter. Instead, the validation of the Charter will place the Company and its security holders in the position they have always thought they were in vis-à-vis the Charter and the Company's capitalization table. Indeed, unlike some other SPACs, before the closing of the Business Combination the Company never received a single demand letter complaining about the proper stockholder vote necessary to approve any components of the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. For all of these reasons, the Company respectfully requests the relief it seeks here pursuant to Section 205.

**<u>COUNT ONE</u>**

**(Validation of the Amendment Under 8 *Del. C.* § 205)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The Company repeats and reiterates the allegations above as if set forth fully herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Because of the potential defects described above, there is uncertainty as to the validity of the Charter, which is a potentially defective corporate act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. This Court has the authority under Section 205(a)(4) to determine the validity of any corporate act, which includes the filing and effectiveness of the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. The Company lacks the ability to ratify the Charter under Section 204 in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. The Company effected the Charter with a good faith belief that it was validly approved by the stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. The Company has treated the Charter as valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. On information and belief, following the public disclosure of the voting results of the special meeting called to approve the Business Combination and the filing of the Charter, market participants and other third parties, including purchasers of shares of Class A Common Stock and other securityholders, have relied on the validity of the Charter, and no persons would be harmed by the validation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. The Company and its stockholders will be irreparably harmed absent relief from this Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25. The Company has no adequate remedy at law.

**<u>COUNT TWO</u>**

**(Validation of Issuances of Securities Under 8 *Del. C.* § 205)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. The Company repeats and reiterates the allegations above as if set forth fully herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Because of the potential defects described above, there is uncertainty as to the validity of the Charter, which is a potentially defective corporate act, and there may be questions as to the shares of capital stock, and securities convertible into or exercisable for capital stock thereunder, which are intended to have the attributes provided in the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. This Court has the authority under Section 205(a)(4) to determine the validity of any "stock, rights or options to acquire stock."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. The Company lacks the ability to ratify these issuances in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. As stated above, the Company has treated the Charter as valid, and has issued securities in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. On information and belief, purchasers and recipients of the securities relied on the validity of such securities, and no persons would be harmed by the validation of the issuances thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. The Company and its stockholders will be irreparably harmed absent relief from this Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33. The Company has no adequate remedy at law.

**<u>PRAYER FOR RELIEF</u>**

WHEREFORE, the Company respectfully requests that this Court enter a proposed Final Order Granting Relief Under 8 *Del. C.* § 205 in the form attached hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Validating
 and declaring effective the Charter, retroactive to the date of its filing with the Office
 of the Secretary of State of the State of Delaware on February 4, 2021, and all amendments
 effected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Validating
 and declaring effective the securities (and the issuance of the securities) described herein
 and any other securities issued in reliance on the validity of the Charter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Granting
 such other and further relief as this Court deems proper.

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| |
|:---|
| MORRIS, NICHOLS, ARSHT & TUNNELL LLP |
| */s/ Kevin M. Coen* |
| Kevin M. Coen (#4775) |
| 1201 N. Market Street |
| Wilmington, DE 19801 |
| (302) 658-9200 |
| *Attorneys for Petitioner Advent <br> Technologies Holdings, Inc.* |

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March 6, 2023