Crown Electrokinetics Corp.: Nasdaq/NYSE listing notice — Crown Electrokinetics faces Nasdaq delisting; extends note maturity to April 2024, issues warrants

Crown Electrokinetics Corp.

Nasdaq delisting notice on March 1, 2023 for failing bid price and $5M equity rule; equity was $2.746M as of Sep 30, 2022.
Company will request a hearing before Nasdaq Hearings Panel to appeal, staying delisting pending process.
Extended maturity of $5.4M senior secured convertible notes from Oct 18, 2023 to April 18, 2024 via waiver agreements.
Issued warrants to purchase 5,813,414 shares at $0.32 per share as consideration for the waivers.
Obtained waivers of participation rights, lower price issuance, and negative covenants to enable ATM offering and other transactions.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Crown Electrokinetics Corp. received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5550(b)(1)

Exact text from the filing

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 was not eligible for a second 180 day extension period. The Nasdaq Staff’s letter specifically noted that the Company does not comply with the $5,000,000 stockholders’ equity listing requirement for The Nasdaq Capital Market. The Company’s stockholders’ equity was $2,746,000 as of September 30, 2022. 1 The Nasdaq Staff’s letter informed the Company that, unless the Company were to request a hea

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Crown Electrokinetics Corp. received a nasdaq delisting notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: minimum bid price
Rules: 5550(a)(2), 5810(c)(3)(A)

Exact text from the filing

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 was not eligible for a second 180 day extension period. The Nasdaq Staff’s letter specifically noted that the Company does not comply with the $5,000,000 stockholders’ equity listing requirement for The Nasdaq Capital Market. The Company’s stockholders’ equity was $2,746,000 as of September 30, 2022. 1 The Nasdaq Staff’s letter informed the Company that, unless the Company were to request a hea

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Crown Electrokinetics Corp. amended Waiver Agreements with certain accredited investors (effective 2023-02-28).

Action: amendment
Agreement: notes offering
Counterparty: certain accredited investors
Effective: 2023-02-28

Exact text from the filing

On February 28, 2023, the Company entered into waiver agreements (the "Waiver Agreements") with the Investors pursuant to which, among other things, the maturity date of the Senior Notes was extended from October 18, 2023 until April 14, 2023.

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Source: SEC EDGAR

accession 0001213900-23-017490

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