© Reuters.
Crown Electrokinetics Corp. (NASDAQ:CRKN), a technology firm, is confronting the risk of being delisted from the Stock Market after its share price fell below the minimum required bid. The company’s stock has been trading under $0.10 for a consecutive 10-day period ending on March 1, 2024, triggering a notification from Nasdaq’s Staff on March 4 concerning non-compliance with the Low Priced Stock Rule.
In response to the notice, Crown Electrokinetics intends to request a hearing before the Nasdaq Hearings Panel to appeal the delisting process. This request will put a hold on any delisting actions until the hearing takes place and any potential extension granted by the Panel comes to an end. During this period, the company’s common stock will continue to be listed and trade on the Nasdaq under the ticker symbol “CRKN.”
The upcoming hearing represents a critical juncture for Crown Electrokinetics as it seeks to maintain its listing status. However, there is no guarantee that the Panel will rule in favor of the company’s continued listing on the exchange. Moreover, even if the company is granted a reprieve, it must still meet Nasdaq’s continued listing criteria within the allotted compliance timeframe.
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