Crown ElectroKinetics Receives Nasdaq Notice of Potential Delisting

Crown ElectroKinetics Corp. (NASDAQ: CRKN) recently disclosed in a Form 8-K filing that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC, indicating that its common stock bid price had closed below the minimum $1.00 per share requirement for thirty consecutive business days. This triggered a potential delisting scenario for the company.

In the filing dated December 19, 2024, it was outlined that Crown ElectroKinetics Corp. attended a hearing before the Nasdaq Hearings Panel earlier in May, leading to a decision on July 25, 2024, where the company was put under a Mandatory Panel Monitor for a year. The Panel Monitor specified that should the company not maintain compliance with the Bid Price Rule, no grace period would be provided.

Additionally, due to having implemented multiple reverse stock splits with a cumulative ratio exceeding 250 to 1 over the past two years, the company is ineligible for a grace period under the Nasdaq Listing Rules. As a result, unless a hearing is requested before the Panel, Crown ElectroKinetics Corp. faces potential delisting from Nasdaq.

The company intends to timely request a hearing before the Panel, which would temporarily halt any further action by Nasdaq until the completion of the hearing process. Crown ElectroKinetics Corp. expects its common stock to continue trading on Nasdaq under the symbol “CRKN” during this period. However, there is no guarantee that the request for continued listing will be granted by the Panel or that the company will meet the listing requirements during any compliance period granted.

The filing contained forward-looking statements that highlighted potential avenues for resolving the deficiency and regaining compliance with the minimum bid price rule. The company emphasized the inherent risks and uncertainties associated with such statements, acknowledging the challenges faced and the need to meet Nasdaq compliance standards going forward.

Investors should take note of the risks involved in such situations, as outlined in the company’s previous filings with the Securities and Exchange Commission (SEC). Crown ElectroKinetics Corp. emphasized that forward-looking statements are based on current beliefs and may differ from actual results due to various factors.

The company affirmed it will provide updates as necessary but expressly disclaimed any obligation to publicly revise forward-looking statements unless obligated by law. The Form 8-K filing was signed by Doug Croxall, the Chief Executive Officer, on behalf of Crown ElectroKinetics Corp. on December 23, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Crown ElectroKinetics’s 8K filing here.

About Crown ElectroKinetics

Crown Electrokinetics Corp. develops and sells optical switching films in the United States. It operates in two segments, Electrokinetic Film Technology and Fiber Optics. The company offers DynamicTint technology, which allows transition between clear and dark in seconds that can be applied to a wide array of windows, including commercial buildings, automotive sunroofs, residential skylight, and windows; and smart window inserts for retrofitting in commercial and residential settings offering dynamic tinting along with additional insulation and soundproofing.