Crown LNG Holdings received a NASDAQ compliance notice for delayed filing its annual report, with 60 days to address it.
Quiver AI Summary
Crown LNG Holdings Limited received a notification from NASDAQ regarding its failure to file its Annual Report on Form 20-F for the fiscal year ending December 31, 2024, which puts it out of compliance with NASDAQ Listing Rule 5250(c)(1). While this letter does not immediately affect the company's stock listing, it gives the company 60 days to submit a plan to NASDAQ on how it intends to regain compliance. Crown LNG aims to file the 20-F as soon as possible and believes it will meet all other NASDAQ listing requirements. The press release also contains forward-looking statements that may be subject to risks and uncertainties that could affect the company's compliance status. Crown LNG specializes in offshore LNG infrastructure solutions aimed at providing lower carbon energy sources to underserved markets globally.
Potential Positives
- The Company is given a 60-day period to submit a compliance plan, indicating that it has an opportunity to rectify the situation and regain adherence to NASDAQ listing requirements.
- The Letter from NASDAQ has no immediate effect on the listing of the Company’s ordinary shares, suggesting that the Company can continue operations without interruption during this compliance process.
- Crown LNG Holdings Limited operates in a significant and growing market by providing offshore LNG liquefaction and regasification solutions for harsh weather locations, which may lead to future growth opportunities.
- The Company's focus on lower carbon sources of energy positions it well in the current global market that increasingly values sustainability and environmental consciousness.
Potential Negatives
- The Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) due to failure to timely file its Annual Report on Form 20-F, which raises concerns about its operational and financial governance.
- The requirement to submit a compliance plan to NASDAQ within 60 days indicates potential instability in the Company's financial reporting processes.
- The potential risk highlighted in the forward-looking statements regarding the Company's ability to regain compliance casts uncertainty over its future listing status.
FAQ
What was the reason for Crown LNG Holdings Limited's letter from NASDAQ?
Crown LNG received a letter for not timely filing its Annual Report on Form 20-F for 2024.
How long does Crown LNG have to regain NASDAQ compliance?
The Company has 60 days to submit a plan to NASDAQ for regaining compliance.
Will the NASDAQ listing of Crown LNG be affected immediately?
There is no immediate effect on the listing of Crown LNG’s ordinary shares on NASDAQ.
What is the significance of the Annual Report on Form 20-F?
The Form 20-F is a required financial report that ensures compliance with SEC regulations.
What services does Crown LNG provide in the energy sector?
Crown LNG offers offshore LNG liquefaction and regasification solutions, along with green and blue hydrogen projects.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
LONDON, May 22, 2025 (GLOBE NEWSWIRE) -- On May 19, 2025, Crown LNG Holdings Limited (the “ Company ”) (NASDAQ: CGBS), received a letter (the “ Letter ”) from The NASDAQ Stock Market LLC (“ NASDAQ ”) indicating that, as a result of not having timely filed its Annual Report on Form 20-F for the period ended December 31, 2024 (the “ 20-F ”) with the Securities and Exchange Commission (the “ SEC ”), the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1), which requires timely filing of all required financial reports with the SEC.
The Letter has no immediate effect on the listing of the Company’s ordinary shares on the NASDAQ Capital Market. Under the Letter, the Company has 60 days following the receipt of the Letter within which to submit a plan to NASDAQ showing how it intends to regain compliance. The Company intends to file the 20-F as soon as possible, and thereafter, believes the Company will be in compliance with all of the NASDAQ continued listing requirements except as previously disclosed.
Forward Looking Statements
This update includes forward-looking statements that involve risks and uncertainties, including the Company’s ability to regain compliance with NASDAQ Listing Rule 5250(c)(1). Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in any subsequent filings with the Securities and Exchange Commission (the “ SEC ”). Copies are available on the SEC’s website, www.sec.gov. Crown expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Crown’s expectations or any change in events, conditions or circumstances on which any statement is based.
About Crown LNG Holdings Limited
Crown LNG is a leading provider of offshore LNG liquefaction and regasification terminal infrastructure solutions for harsh weather locations, which represent a significant addressable market for bottom-fixed, gravity based liquefaction and floating storage regasification units, as well as associated green and blue hydrogen, ammonia and power projects. Through this approach, Crown aims to provide lower carbon sources of energy securely to under-served markets across the globe. Visit www.crownlng.com/investors for more information.
Contacts
Investors
Caldwell Bailey
ICR, Inc.
[email protected]
Media
Zach Gorin
ICR, Inc.
[email protected]
