Crown Electrokinetics to be Delisted from Nasdaq

TL;DR

Nasdaq is kicking Crown Electrokinetics off the exchange, trading stops March 13th.

AI Summary

Crown Electrokinetics Corp. announced on March 4, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet continued listing requirements. The company has been notified that its common stock will be delisted from the Nasdaq Capital Market, with trading expected to cease on March 13, 2024.

Why It Matters

This delisting significantly impacts the liquidity and accessibility of Crown Electrokinetics' stock for investors, potentially affecting its ability to raise capital and its overall market valuation.

Risk Assessment

Risk Level: high — Delisting from a major exchange like Nasdaq poses a severe risk to the company's financial health and investor confidence.

Key Numbers

• March 13, 2024 — Last Trading Day (The date trading of Crown Electrokinetics' common stock is expected to cease on the Nasdaq Capital Market.)

Key Players & Entities

• Crown Electrokinetics Corp. (company) — Registrant
• Nasdaq Stock Market (company) — Exchange issuing delisting notice
• March 4, 2024 (date) — Date of delisting notice
• March 13, 2024 (date) — Expected last day of trading

FAQ

Key Financial Figures

• $0.0001 — e on which registered Common Stock, $0.0001 par value CRKN NASDAQ Capital Marke
• $1.00 — mmon stock had closed below the minimum $1.00 per share requirement for continued lis
• $0.10 — Company's common stock had closed below $0.10 for the 10-consecutive trading day peri

Filing Documents

• ea0201225-8k_crowelect.htm (8-K) — 27KB
• 0001213900-24-021074.txt ( ) — 197KB
• crkn-20240304.xsd (EX-101.SCH) — 3KB
• crkn-20240304_lab.xml (EX-101.LAB) — 33KB
• crkn-20240304_pre.xml (EX-101.PRE) — 22KB
• ea0201225-8k_crowelect_htm.xml (XML) — 4KB

01 Notice of Delisting or Failure to Satisfy a Continued Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed, on October 19, 2023, Crown Electrokinetics Corp. (the "Company") received a letter from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, for the thirty (30) consecutive business days prior to the letter, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"). In accordance with Nasdaq's Listing Rules, the Company was granted a period of 180 calendar days, or until April 16, 2024, to regain compliance with the Bid Price Rule. On March 4, 2024, the Company received another letter from the Staff (the "March Notice") notifying the Company that the bid price for the Company's common stock had closed below $0.10 for the 10-consecutive trading day period ended March 1, 2024 and, accordingly, the Company is subject to the provisions contemplated under Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the "Low Priced Stock Rule"). As a result, the Staff indicated that the Company's securities would be delisted from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the "Panel"). The Company plans to timely request a hearing before the Panel, which request will stay any further action by Nasdaq at least until the hearing is held and any extension period that may be granted by the Panel expires. The Company's common stock will continue to trade on Nasdaq under the symbol "CRKN" pending completion of the hearing process. There can be no assurance that the Panel will grant the Company's request for continued listing or that the Company will be able meet the continued listing requirements during any compliance period that may be granted by the Panel.

Forward-Looking Statements

Forward-Looking Statements This current report contains "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements can be identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential," "promise" or similar references to future periods. Examples of forward-looking statements in this current report include, without limitation, statements regarding the Company's available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule and the Low Priced Stock Rule. Forward-looking statements are statements that are not historical facts nor assurances of future performance. Instead, they are based on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties, and actual results may differ materially from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, without limitation, that there can be no assurance that the Company will meet the Bid Price Rule or the Low Priced Stock Rule during any compliance period or otherwise in the future, that there can be no assurance that the Company will otherwise meet Nasdaq compliance standards, that there can be no assurance that Nasdaq will grant the Company any relief from delisting as necessary or whether the Company can agree to or ultimately meet applicable Nasdaq requirements for any such relief, and the other important factors described under the caption "Risk Factors" in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 31, 2023 and its other filings with the SEC.

View Full Filing

View this 8-K filing on SEC EDGAR