CROWN LNG HOLDINGS LIMITED (CGBS)

1. Introduction

Crown LNG Holdings Limited (NASDAQ: CGBS) is an Oslo-headquartered provider of offshore liquefied natural gas (LNG) infrastructure designed for locations exposed to harsh weather conditions. The company develops, finances, owns, and operates both liquefaction and regasification terminals—onshore or offshore—targeting markets where traditional land-based or floating solutions are unsuitable.

2. Corporate Structure

• Founded: 2016
• Headquarters: Oslo, Norway
• CEO: Swapan Kataria (Co-founder)
• Employees: 11–50 globally
• Primary Activities:
  • LNG liquefaction (cooling natural gas for transport)
  • LNG regasification (converting LNG back to gas for consumers)
  • Future use of LNG for hydrogen production
• Strategic Focus: Bottom-fixed gravity solutions that offer a lower environmental footprint and cost compared with comparable onshore terminals.

3. Recent Developments and News

Date	Event
November 4, 2024	Executed acquisition agreements for KGLNG (Kakinada, India) and Grangemouth (Scotland) terminal assets.
May 22, 2025	Received NASDAQ notice under Listing Rule 5250(c)(1) regarding the delay in filing the Annual Report on Form 20-F.
May 2025	Signed a Memorandum of Understanding with India Gas Exchange Ltd. for LNG sales via the planned Kakinada terminal.
June 3, 2025	Received NASDAQ notification of non-compliance with minimum bid price and low-priced securities rules.
June 4, 2025	Filed preliminary proxy (PRE 14A) proposing a reverse share split (ratio 1-for-60 to 1-for-120).
July 1, 2025	Scheduled hybrid General Meeting in London and online to vote on the reverse share split proposal.

4. Financial and Strategic Analysis

Stock Data (as of June 13, 2025)

Metric	Value
Price	$0.1587
1-Day Change	+88.93%
Volume	117,343,373
52-Week Range	$0.0580–6.9100
Market Capitalization	$38.75 M
Enterprise Value	$41.37 M
EPS (TTM)	–0.33
Total Cash (mrq)	$34 K
Total Debt/Equity (mrq)	8.36%

Key Strategic Initiatives

• Compliance and Capital Structure: Proposing a reverse share split to regain NASDAQ compliance (minimum $1 bid price) and to support long-term listing standards.
• Regulatory Filings: Working to file the overdue 20-F for the year ended December 31, 2024, within the 60-day window provided by NASDAQ.
• Market Expansion: Advancing the Kakinada, India, import terminal under KGLNG and the Grangemouth facility in Scotland to serve demand in Asia and Europe.
• Environmental Objectives: Lowering carbon emissions by replacing coal with LNG and preparing infrastructure for future hydrogen and ammonia projects.

5. Market Position and Industry Context

• Niche Offering: Bottom-fixed and gravity-based LNG solutions designed for seasonal winds and harsh weather in regions such as the Gulf of Mexico and coastal Asia.
• Global LNG Dynamics: Growing demand for LNG as a transitional fuel in power generation and industrial use, influenced by energy security concerns and decarbonization goals.
• Competitive Landscape: Competes with floating storage regasification units (FSRUs) and land-based terminals; differentiates through environmental footprint and operational capabilities.
• Growth Drivers:
  • Diversification of U.S. LNG exports to Asia and Europe
  • National initiatives, such as India’s target to increase the natural gas share in its energy mix to 15% by 2030
  • Energy security policies in the U.K. post-Brexit

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TL;DR

Crown LNG (NASDAQ: CGBS) is addressing NASDAQ compliance challenges after receiving notices on May 22 and June 3, 2025, concerning delayed Form 20-F filing and low bid price. The company intends to initiate a reverse share split (1-for-60 to 1-for-120) pending shareholder approval on July 1, 2025, and has until November 11, 2025, to file the 20-F. Additionally, it is progressing with its Kakinada (India) and Grangemouth (U.K.) terminal projects and has signed an LNG sales MOU with India Gas Exchange Ltd.