ADN - Advent Technologies Holdings - Fuel Cell Stock Rallies On Hyundai Deal

• Initiating coverage on recent SPAC deal Advent Technologies Holdings, a company focused on high-temperature polymer electrolyte membrane (“HT-PEM”) technology.
• Discussing recent acquisition spree and full-year 2021 financial results. Company will be required to raise additional capital next year.
• On Wednesday, shares rallied after the company announced a technology assessment, sales, and development agreement with Hyundai Motors.
• While financial terms have not been disclosed, the transaction is unlikely to result in material near- or medium-term financial benefits to the company.
• Expect shares to resume their downtrend after momentum traders have left for assumed greener pastures. A short position could yield decent short-term results.

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