Ault Disruptive Technologies Corporation Files Annual Report on Form 10-K
Ault Disruptive Technologies Corporation (the “Company“) announced today that on April 15, 2022, it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 with the Securities and Exchange Commission. In its Form 10-K, the statements Company’s audited financial statements contained an unqualified audit opinion from its independent chartered public accounting firm which included an explanatory paragraph relating to the Company’s ability to continue as a going concern.
The company is a Special Purpose Acquisition Company, or SPAC, and was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or consolidation of similar companies with one or more companies (a “Trade suit“). If the Company is unable to complete its Business Combination within 12 months of the entry into force of its IPO, i.e. December 15, 2022, it may, but is not obliged, extend the deadline for completing a Business Combination Combination up to two times of three additional months each time (for a total of 18 months maximum to complete a Business Combination) If the time period n is not extended, the Company will be required to cease all operations except for the purpose of These conditions raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date of publication of the financial statements .
This announcement is made pursuant to Section 610(b) of the NYSE American LLC Companies Manual, which requires public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or modification to the Company’s financial statements or its Annual Report on Form 10-K for the year ended December 31, 2021.
About Ault Disruptive Technologies Corporation
Ault Disruptive Technologies Corporation, a Delaware corporation, is a newly incorporated blank check corporation incorporated in February 2021 with the business object of effecting a merger, capital stock exchange, asset acquisition, shares, reorganization or similar business combination with one or more companies. , which we call our initial business combination. To date, our efforts have been limited to organizational activities as well as activities related to our initial public offering. We have not selected any specific business combination target nor have we or anyone on our behalf entered into substantive discussions, directly or indirectly, with any business combination target regarding an initial business combination with us.
While we may pursue an initial business combination opportunity in any company, industry, sector or geographic location, we intend to focus on opportunities to acquire companies with technologies, products or innovative and emerging services that have the potential to transform major industries and have a radical impact on society. . We intend to acquire one or more target companies with disruptive technologies that our management team believes can be adopted by the general public and create opportunities for long-term value appreciation.
This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.