Crown PropTech Acquisitions Announces Receipt of Notice of Late Filing From NYSE
April 19 2023 - 4:15PM
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 April 18, 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
Annual Report on Form 10-K for the year ended December 31, 2022
(the “Form 10-K”) with the Securities and Exchange Commission (the
“SEC”).
The NYSE informed the Company that, under NYSE rules, the
Company will have six months from April 17, 2023 to file the Form
10-K 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-K. If the Company fails to file the Form 10-K 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 April 3, 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-K will be delayed. Although the Company has
dedicated significant resources to the completion of finalizing its
audited consolidated financial statements and related disclosures
for inclusion in the Form 10-K, the Company was unable to file the
Form 10-K prior to April 17, 2023, the extension period provided by
the 12b-25. Additional time is needed by the Company to complete
its review of the financial statements included in the Form 10-K in
order to ensure a complete, accurate Annual Report. The delay is
due primarily to additional information needed in relation to the
Company’s financial statements to complete the audit. The Company
is working diligently to ensure accurate disclosure in the Form
10-K and expects to file the Form 10-K no later than May 1,
2023.
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. The
Company intends to concentrate on businesses that provide
technological innovation to the broader real estate ecosystem. This
includes a focus on businesses that provide technological solutions
that make the built environment more accessible, connected,
dynamic, efficient, experiential and sustainable.
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.
Investor Relations Contact
Gateway GroupRalf Esper(949) 574-3860ralf@gatewayir.com
Crown PropTech Acquisiti... (NYSE:CPTK)
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