Captivision, Inc. Announces Receipt of Staff Determination Letter from Nasdaq

MIAMI, June 06, 2025 (GLOBE NEWSWIRE) -- Captivision Inc. (“Captivision” or the “Company”) (NASDAQ: CAPT), a pioneering manufacturer and global LED solution provider, announced that on June 4, 2025, it received a staff determination letter (the “Determination Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it had not regained compliance with the Market Value of Listed Securities (“MVLS”) Requirement by June 2, 2025. The Determination Letter has no immediate effect and will not immediately result in the suspension of trading or delisting of the Company’s securities.

As previously reported in a Current Report on Form 6-K filed on December 9, 2024, the Company received a deficiency letter from the Nasdaq Staff on December 3, 2024, notifying the Company that for the last 30 consecutive business days, the Company’s MVLS was below the minimum of $50 million required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A). The Company was provided an initial period of 180 calendar days, or until June 2, 2025, to regain compliance with the MVLS Requirement.

Additionally, on May 22, 2025, Staff notified the Company that since it had not yet filed its Form 20-F for the period ended December 31, 2024, it no longer complied with Nasdaq Listing Rule 5250(c)(1) (the “Filing Requirement”). However, pursuant to Listing Rule 5810(c)(2), this deficiency serves as a separate and additional basis for delisting, and the Company should also address this concern before a Hearings Panel (the “Panel”) if it appeals Staff’s determination.

Accordingly, and as described in the Determination Letter, the Company intends to timely request a hearing before the Panel. The hearing request will automatically stay any trading suspension or delisting action for an additional 15 calendar days following the date of the request; however, Nasdaq provides a process for requesting an extension of the stay through the hearing date and any subsequent extension period granted by the Panel. In connection with its hearing request, the Company will request to have the stay extended through the hearing and any additional extension period that may be granted by the Panel thereafter. However, there can be no assurance that the Panel will grant the Company an extended stay or an additional extension to demonstrate compliance, or that the Company will be able to regain compliance by the end of any additional extension period.