Ault Disruptive Technologies Corporation (the “Company”) today announced that on April 15, 2022, it filed its Annual Report on Form 10-K for the year ended December 31, 2021 with the Securities and Exchange Commission. In its Form 10-K, the Company's audited financial statements contained an unqualified audit opinion from its independent registered public accounting firm that included an explanatory paragraph related 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 similar business combination with one or more businesses (a “Business Combination”). If the Company is unable to consummate its Business Combination within 12 months following the effectiveness of its initial public offering, which is December 15, 2022, it may, but is not obligated to, extend the period of time to complete a Business Combination up to two times by an additional three months each time (for a total of up to 18 months to consummate a Business Combination). If the period of time is not extended, the Company will be required to cease all operations except for the purpose of winding up. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date that the financial statement were issued.
This announcement is made pursuant to NYSE American LLC Company Guide Section 610(b), which requires public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or amendment to the Company's financial statements or to 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 recently-organized blank check company incorporated in February 2021 whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to as 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 and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us.
While we may pursue an initial business combination opportunity in any business, industry, sector or geographical location, we intend to focus on opportunities to acquire companies with innovative and emerging technologies, products or services that have the potential to transform major industries and radically impact society. We intend to acquire a target business or businesses with disruptive technologies that our management team believes can achieve mainstream adoption and create opportunities for long-term appreciation in value.
This press release contains statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, 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 undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Ault Disruptive Technologies Corporation