Crown LNG Stock Plunges Over 55% After Hours Following Delisting Blow
Crown LNG Holdings Ltd (NASDAQ:CGBS) stock experienced a 55.26% drop in after-hours trading on Wednesday.
Check out how Crown LNG stock is performing here.
What Happened: The stock of the Houston-based natural gas company fell to $0.017 in after-hours trading, following a 39.48% decrease during regular trading hours.
This dip comes in the wake of the company’s impending delisting from the NASDAQ. Crown LNG Holdings Ltd received a letter from The NASDAQ Stock Market LLC on Tuesday, notifying the company of its noncompliance with Nasdaq Listing Rules 5250(c)(1) and 5550(a)(2), according to a SEC Filing. As a result, the company’s ordinary shares are set to be delisted from the Nasdaq Stock Market, with trading suspension scheduled for July 17, 2025.
Despite this development, the company has decided not to request a review of the Panel’s decision. Instead, it has initiated the process of moving its ordinary shares to the over-the-counter markets as an interim measure to resume trading.
The company’s stock had closed at $0.061 on Wednesday. The after-hours trading price represents a 55.26% decrease from the previous closing price.
Why It Matters: A series of events impacting the energy sector have contributed to this sharp decline. In May, the company received a non-compliance notice from NASDAQ due to its stock price falling below $1 for 30 consecutive business days. This notice could lead to the company’s delisting from the stock exchange.
Earlier in the year, Crown LNG had announced a non-binding agreement with India Gas Exchange to boost India’s gas-based economy by 2030.
However, the company’s stock has been impacted by global events, such as the drop in oil prices and the Iran-Israel ceasefire efforts. These external factors have contributed to the company’s stock price decline.
The company’s decision not to request a review of the Panel’s decision and its interim measure to resume trading are also noteworthy.
Price Action: According to Benzinga Pro data, Crown LNG shares closed at $0.037, plunging 39.48% on Wednesday after confirming it will not appeal its Nasdaq delisting.
Benzinga's Edge Stock Rankings indicate, negative price trend across all time frames. Here is how the stock fares on other parameters.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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