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.

About Captivision

Captivision is a pioneering manufacturer of media glass, combining IT building material and architectural glass. The product has a boundless array of applications including entertainment media, information media, cultural and artistic content as well as marketing use cases. Captivision can transform any glass façade into a transparent media screen with real time live stream capability. Captivision is fast becoming a solution provider across the LED product spectrum.

Captivision's media glass and solutions have been implemented in hundreds of locations globally across sports stadiums, entertainment venues, casinos and hotels, convention centers, office and retail properties and airports. Learn more at http://www.captivision.com/.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company's respective businesses. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as "believe", "can", "continue", "expect", "forecast", "may", "plan", "project", "should", "will" or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The risks and uncertainties include, but are not limited to: (1) the ability to raise financing in the future and to comply with restrictive covenants related to indebtedness; (2) the ability to realize the benefits expected from the business combination and the Company's strategic direction; (3) the significant market adoption, demand and opportunities in the construction and digital out of home media industries for the Company's products; (4) the ability to maintain the listing of the Company's ordinary shares and warrants on Nasdaq; (5) the ability of the Company to remain competitive in the fourth generation architectural media glass industry in the face of future technological innovations; (6) the ability of the Company to execute its international expansion strategy; (7) the ability of the Company to protect its intellectual property rights; (8) the profitability of the Company's larger projects, which are subject to protracted sales cycles; (9) whether the raw materials, components, finished goods, and services used by the Company to manufacture its products will continue to be available and will not be subject to significant price increases; (10) the IT, vertical real estate, and large format wallscape modified regulatory restrictions or building codes; (11) the ability of the Company's manufacturing facilities to meet their projected manufacturing costs and production capacity; (12) the future financial performance of the Company; (13) the emergence of new technologies and the response of the Company's customer base to those technologies; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability of the Company to comply with laws and regulations applicable to its business; and (16) other risks and uncertainties set forth under the section of the Company's Annual Report on Form 20-F entitled "Risk Factors."

These forward-looking statements are based on information available as of the date of this press release and the Company's management team's current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team's views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.

Investor Contact:

Gateway Group

Ralf Esper

+1 949-574-3860

[email protected]