Crown ElectroKinetics (NASDAQ: CRKN) stock dropped during pre-market trading Thursday following the announcement of 300 million shares offering through Keystone Capital Partners.
Crown ElectroKinetics has announced that Keystone Capital Partners will offer up to 300 million shares of its common stock gradually over time.
The company itself is not selling these shares directly. Therefore, it will not receive any proceeds from Keystone Capital Partners selling these shares. However, as part of the purchase agreement, Crown ElectroKinetics can sell up to $50 million worth of common stock directly to Keystone Capital Partners.
To date, Crown ElectroKinetics has sold $13,672,316 worth of common stock. The company retains the option to sell an additional $36,327,684 worth of shares, pending the conditions outlined in the agreement and the effectiveness of the registration statement.
In recent developments, Crown ElectroKinetics secured a significant new project involving the construction of long-haul dark fiber infrastructure. This project spans approximately 250 miles from Las Cruces, New Mexico to El Paso, Texas. The project, scheduled to commence in mid-June, includes existing duct bank infrastructure construction and rehabilitation along the Las Cruces to El Paso route. Crown ElectroKinetics will oversee the survey, construction, fiber placement, and splicing.
Crown ElectroKinetics (NASDAQ: CRKN) Stock Reaction
As of 07:02 a.m. (Eastern Time) Thursday, CRKN stock traded at $0.0942, marking a 6.18% decrease compared to the previous trading session.
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