Crown Electrokinetics (NASDAQ: CRKN) stock fell during pre-market trading Friday as the company works towards Nasdaq compliance. However, the future remains uncertain.
Crown Electrokinetics has successfully obtained approval for continued listing on the Nasdaq following a recent hearing held on May 7. The approval, granted by the Nasdaq Panel on June 11, is conditional upon the company meeting all applicable listing criteria by July 23.
The company has confirmed its commitment to fulfilling these conditions; however, it cautioned that success is not guaranteed.
This development comes soon after the company announced an offering of 300 million shares of its common stock through Keystone Capital Partners. Notably, Crown Electrokinetics is not directly selling any securities through this prospectus, nor will it receive proceeds from Keystone Capital Partners’ resale of shares. However, the company retains the option to sell up to $50 million worth of common stock to Keystone Capital Partners under the purchase agreement.
As of the latest update, $13,672,316 worth of common stock has been sold. The company remains authorized to sell an additional $36,327,684 worth of shares, pending the conditions stipulated in the agreement and the effectiveness of the registration statement.
Crown Electrokinetics (NASDAQ: CRKN) Stock Reaction
As of 08:33 a.m. (Eastern Time) Friday, CRKN stock traded at $0.0723, marking a 2.30% decrease compared to the previous trading session.
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