Crown Electrokinetics Provides Update on Nasdaq Listing Status
10 Mars 2023 - 2:00PM
Crown Electrokinetics Corp. (
Nasdaq:
CRKN) ("Crown" or the "Company"), a leading smart glass
technology company and an expert in both designing and installing
distributed antenna systems (DAS) and constructing fiber optic
networks, today provided investors with an update on its Nasdaq
listing status.
As previously disclosed, on September 1, 2022,
the Company received a letter from the Listing Qualifications
Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that it was not in compliance with Nasdaq
Listing Rule 5550(a)(2), as the minimum bid price of the Company’s
common stock had been below $1.00 per share for 30 consecutive
business days. In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company was granted a period of 180 calendar
days, or until February 28, 2023, to regain compliance with the
minimum bid price requirement.
On March 1, 2023, the Company received a letter
from the Staff of Nasdaq notifying the Company that it had not
regained compliance with the minimum bid price requirement as of
February 28, 2023, and that it would need to request a hearing to
seek a further extension of time.
Accordingly, the Company has a requested a
hearing before a Nasdaq Hearings Panel (the “Panel”). As a result,
all suspension and delisting action has been stayed pending the
hearing and the expiration of any additional extension period
granted by the Panel following the hearing. In that regard, the
Panel has the discretion to grant the Company a further extension
not to exceed September 5, 2023. Notwithstanding, there can be no
assurance that the Panel will grant the Company’s request or that
the Company will ultimately regain compliance with all applicable
requirements for continued listing.
About Crown Electrokinetics
Crown is a smart glass technology company and the creator of our
Smart Window Insert and an expert in both designing and installing
distributed antenna systems (DAS) and constructing fiber optic
networks.
Safe Harbor Statement:
Statements in this news release may be "forward-looking
statements". Forward-looking statements include, but are not
limited to, statements that express our intentions, beliefs,
expectations, strategies, predictions, or any other statements
relating to our future activities or other future events or
conditions. These statements are based on current expectations,
estimates and projections about our business based, in part, on
assumptions made by management. These statements are not guarantees
of future performance and involve risks, uncertainties and
assumptions that are difficult to predict. Therefore, actual
outcomes and results may, and are likely to, differ materially from
what is expressed or forecasted in forward-looking statements due
to numerous factors. Any forward-looking statements speak only as
of the date of this news release and Crown Electrokinetic
Corporation undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
news release.
This press release does not constitute a public offer of any
securities for sale. Any securities offered privately will not be
or have not been registered under the Act and may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements.
Crown Electrokinetics
IR Email: info@crownek.com
Source: Crown
Electrokinetics: www.crownek.com
Crown Electrokinetics (NASDAQ:CRKN)
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