Crown Receives Nasdaq Delisting Determination; Plans To Request Reconsideration

Author: Benzinga Newsdesk | March 04, 2025 04:03pm

Crown Electrokinetics Corp. (NASDAQ:CRKN) ("Crown" or the "Company"), a leading provider of innovative technology infrastructure solutions that benefit communities and the environment, today announced that it has received a delisting determination from The Nasdaq Stock Market. The Company intends to submit a request for reconsideration to the Nasdaq Hearings Panel and to otherwise appeal the determination to the Nasdaq Listing and Hearing Review Council as necessary. While Crown pursues those processes, trading in the Company's common stock will be suspended on Nasdaq effective with the open of the market on Wednesday, March 5, 2025. The Company's common stock should be eligible to trade on the OTC Market's Pink Current Information tier effective with the open of the market on March 5, 2024.

Crown today is a fundamentally stronger company than in the past, with expanded business operations, growing revenue, and a strengthened financial position. The Company provides cutting-edge critical infrastructure solutions through its Crown Construction business, specializing in fiber optics, water service lines, water intake solutions, and XXL diameter pipelines. The Company has also significantly improved its financial standing, maintaining a cash balance exceeding $20 million with no debt. Since completing its reverse stock split, Crown has evidenced compliance with Nasdaq's minimum $1.00 bid price requirement for 22 consecutive business days, closing at approximately $3.40 per share on Monday, March 3, 2025. The Company otherwise satisfies all other applicable criteria for continued listing on The Nasdaq Capital Market, including a significant margin of compliance above the minimum $2.5 million stockholders' equity requirement.

Posted In: CRKN