CRKN Crown Electrokinetics Corporation

 Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

As previously disclosed, on March 1, 2023, Crown Electrokinetics Corp. was notified by the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that, based upon the Company’s continued non-compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2), the Company’s securities were subject to delisting unless the Company timely requested a hearing before the Nasdaq Hearings Panel (the “Panel”), at which hearing the Company will present its plan to evidence compliance with all applicable criteria for continued listing. The Company timely requested a hearing, which stayed any further action by Nasdaq at least pending the conclusion of the hearing process.

On April 3, 2023, the Company received an additional notice from the Staff indicating that the Company’s non-compliance with the $2,500,000 minimum stockholders’ equity requirement as of December 31, 2023, and its alternatives, as set forth in Nasdaq Listing Rule 5550(b)(1), could serve as an additional basis for delisting and, accordingly, the Company must address the equity deficiency at its upcoming hearing before the Panel.

The Company is diligently working to evidence compliance with all applicable Nasdaq listing criteria; however, there can be no assurance that the Panel will grant the Company’s request for continued listing on Nasdaq or that the Company will be able to satisfy the continued listing criteria within any extension that may be granted to the Company by the Panel.