Los Angeles, California, July 20, 2022 (GLOBE NEWSWIRE) — Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company"), a leading smart glass technology company, today announced the pricing of an underwritten public offering of 1,250,000 shares of its common stock at a price of $0.80 per share, resulting in gross proceeds of $1,000,000. The Company has also granted to the underwriters a 30-day option to acquire an additional 187,500 shares to cover overallotments in connection with the offering. The offering is expected to close on July 22, 2022, subject to satisfaction of customary closing conditions.
Roth Capital Partners is acting as sole manager for the offering.
Crown intends to use the net proceeds from this offering for general corporate purposes, including, without limitation, general working capital.
The shares described above are being offered by Crown Electrokinetics pursuant to a registration statement on Form S-3 (File No. 333-262122) previously filed with and subsequently declared effective by the Securities and Exchange Commission (SEC) on January 21, 2022.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147 or by accessing the SEC’s website, www.sec.gov.
About Crown Electrokinetics
Crown is a smart glass technology company and the creator of DynamicTint™ We Make Your Glass Smarter™. Originally invented by Hewlett-Packard (HP, Inc.), our technology allows any glass surface to transition between clear and dark in seconds. At the core of our technology is a thin film that is powered by electrically charged pigment which not only replaces common window tints but is also a more sustainable alternative to traditional window treatments. With its unique ability to be retrofitted to existing glass, DynamicTint™ offers myriad benefits related to reducing carbon emissions. The Company is supported by a robust patent portfolio.
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Crown Electrokinetic Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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Source: Crown Electrokinetics: www.crownek.com