Crown PropTech Acquisitions Announces Receipt of Notice of Late Filing From NYSE
May 30 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 May 23, 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 March
31, 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 May 22, 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 May 15, 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 May 22,
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-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 expects to file the Form 10-Q no later
than June 5, 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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