CROWN PROPTECH ACQUISITIONS ANNOUNCES RECEIPT OF NOTICE OF LATE FILING FROM NYSE

Rhea-AI Summary

Crown PropTech Acquisitions (CPTA) received a notice from the NYSE for failure to file its Quarterly Report on Form 10-Q with the SEC. The company has six months to file the form to regain compliance, with a possible extension of six additional months. Delisting proceedings may commence if the circumstances warrant. The company filed a Notification of Late Filing on Form 12b-25, indicating a delay in filing the Form 10-Q. Despite dedicating significant resources, the company was unable to file the form, citing the need for additional time to ensure accurate disclosures.

Positive

• None.

Negative

• Failure to file the Quarterly Report on Form 10-Q may lead to delisting proceedings by the NYSE, impacting the company's stock performance and investor confidence.

New York, NY, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Crown PropTech Acquisitions, a Cayman Islands exempted company (the “Company”), announced that it received a notice from the New York Stock Exchange (the “NYSE”) on November 21, 2023 indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”).

The NYSE informed the Company that, under NYSE rules, the Company will have six months from November 20, 2023 to file the Form 10-Q with the SEC. The Company can regain compliance with the NYSE listing standards at any time prior to that date by filing its Form 10-Q. If the Company fails to file the Form 10-Q before the NYSE’s compliance deadline, the NYSE may grant, at its sole discretion, an extension of up to six additional months for the Company to regain compliance, depending on the specific circumstances. The notice from the NYSE also notes that the NYSE may nevertheless commence delisting proceedings at any time if it deems that the circumstances warrant.

On November 14, 2023, the Company filed a Notification of Late Filing on Form 12b-25 (the “Form 12b-25”), indicating that the filing of its Form 10-Q will be delayed. Although the Company has dedicated significant resources to the completion of finalizing its consolidated financial statements and related disclosures for inclusion in the Form 10-Q, the Company was unable to file the Form 10-Q prior to November 20, 2023, the extension period provided by the Form 12b-25. Additional time is needed by the Company to complete its review of the financial statements included in the Form 10-Q in order to ensure a complete, accurate Form 10-Q. The Company is working diligently to ensure accurate disclosures are made in the Form 10-Q and is working to file the Form 10-Q as promptly as practicable.

About Crown PropTech Acquisitions

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and initial public offering prospectus. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Michael Minnick
Co-Chief Executive Officer
mm@crownproptech.com

FAQ

What notice did Crown PropTech Acquisitions (CPTA) receive from the NYSE?

The company received a notice from the NYSE for failure to timely file its Quarterly Report on Form 10-Q with the SEC.

What is the deadline for Crown PropTech Acquisitions (CPTA) to file the Form 10-Q to regain compliance with NYSE listing standards?

The company has six months from November 20, 2023 to file the Form 10-Q with a possible extension of six additional months.

What happens if Crown PropTech Acquisitions (CPTA) fails to file the Form 10-Q before the NYSE's compliance deadline?

If the company fails to file the Form 10-Q before the deadline, the NYSE may commence delisting proceedings, impacting the company's stock performance and investor confidence.

What did Crown PropTech Acquisitions (CPTA) file on November 14, 2023?

The company filed a Notification of Late Filing on Form 12b-25, indicating a delay in filing the Form 10-Q.

Why was Crown PropTech Acquisitions (CPTA) unable to file the Form 10-Q before the NYSE's compliance deadline?

The company cited the need for additional time to ensure accurate disclosures in the Form 10-Q, despite dedicating significant resources to its completion.