Crown LNG Holdings Limited Discloses Receipt of NASDAQ Notice

Rhea-AI Summary

Crown LNG Holdings Limited (NASDAQ: CGBS) has received a notice from NASDAQ on May 19, 2025, regarding non-compliance with listing rule 5250(c)(1) due to the delayed filing of its 2024 Annual Report (Form 20-F). The company has been granted a 60-day period to submit a compliance plan to NASDAQ. This notification does not immediately affect CGBS's listing status on the NASDAQ Capital Market. The company has expressed its intention to file the required Form 20-F as soon as possible to regain compliance with NASDAQ's continued listing requirements.

Positive

• None.

Negative

• Failed to file 2024 Annual Report (Form 20-F) on time
• Non-compliance with NASDAQ listing requirements
• Risk of potential delisting if compliance plan is not accepted or executed

Insights

Securities Regulation Expert

Crown LNG received NASDAQ notice for late annual filing; has 60 days to submit compliance plan with no immediate delisting impact.

Crown LNG Holdings Limited has disclosed receipt of a non-compliance notice from NASDAQ due to failure to file its 2024 annual report (Form 20-F) on time. This triggers a standard regulatory response under NASDAQ Listing Rule 5250(c)(1), which mandates timely filing of all required financial reports with the SEC.

The notice does not immediately affect Crown's listing status on the NASDAQ Capital Market. The company now has a 60-day window to submit a remediation plan to NASDAQ demonstrating how it intends to regain compliance. Crown has stated it plans to file the delayed report "as soon as possible" and believes this will resolve the compliance issue.

Importantly, the disclosure mentions "except as previously disclosed," suggesting this isn't the company's only listing compliance challenge. This language indicates Crown may be dealing with multiple compliance issues simultaneously, which compounds regulatory risk.

Late financial filings typically raise concerns about potential underlying problems - including accounting issues, internal control weaknesses, or operational difficulties that prevented timely reporting. Without the 20-F, investors lack current audited financial information about Crown's performance and financial position.

The standard 60-day remediation period gives Crown a reasonable timeframe to address the issue, but if the company fails to submit an acceptable plan or cannot regain compliance within the timeframe approved by NASDAQ, it could face potential delisting proceedings. This would significantly impact stock liquidity and institutional investor access.

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.
CrownLNGIR@icrinc.com

Media
Zach Gorin
ICR, Inc.
CrownLNGPR@icrinc.com

FAQ

What is the NASDAQ notice received by Crown LNG Holdings (CGBS) about?

The notice indicates that Crown LNG Holdings is not compliant with NASDAQ Listing Rule 5250(c)(1) due to not filing its 2024 Annual Report (Form 20-F) on time.

Will Crown LNG Holdings (CGBS) be immediately delisted from NASDAQ?

No, the notice has no immediate effect on CGBS's listing status on the NASDAQ Capital Market. The company has 60 days to submit a compliance plan.

How long does Crown LNG Holdings (CGBS) have to resolve the NASDAQ compliance issue?

The company has 60 days from May 19, 2025, to submit a plan to NASDAQ showing how it intends to regain compliance.

What does Crown LNG Holdings (CGBS) need to do to regain NASDAQ compliance?

The company needs to file its 2024 Annual Report (Form 20-F) with the SEC and submit a compliance plan to NASDAQ within the 60-day period.