CORVALLIS, Ore., Jan. 28, 2021 /PRNewswire/ -- Crown
Electrokinetics Corp. (NASDAQ: CRKN) ("Crown"
or the "Company"), a leading smart glass technology
company with a patented thin-film solution, today announced the
closing of its previously announced underwritten public offering of
4,150,000 shares of its common stock at a public offering price of
$4.50 per share. In addition, Crown
granted the underwriters a 30-day over-allotment option to purchase
up to an additional 622,500 shares of common stock at the public
offering price, less underwriting discounts and commissions, of
which the underwriters have fully exercised. After the underwriting
discounts and estimated offering expenses payable by the Company,
the Company expects to receive net proceeds of approximately
$19.6 million.
In connection with the offering, Crown's common stock began
trading on the Nasdaq Capital Market on January 26, 2021 under the ticker symbol "CRKN."
In addition, the Company effected a 1-for-3 reverse stock split,
which was effective at 11:59 p.m. Eastern
Time on January 25, 2021.
Roth Capital Partners acted as the sole book-running manager.
National Securities Corporation, a wholly owned subsidiary of
National Holdings Corporation (NasdaqCM:NHLD), acted as the lead
manager and Colliers Securities LLC acted as co-manager for the
offering.
The securities described above were offered by the Company
pursuant to a registration statement on Form S-1 (File No. 249833)
that was previously filed with the U.S. Securities and Exchange
Commission (the "SEC") and declared effective on January 25, 2021, and an additional registration
statement on Form S-1 filed pursuant to Rule 462(b) (File No.
333-252418), which became automatically effective on January 25, 2021. A final prospectus relating to
and describing the terms of the offering has been filed with the
SEC. Electronic copies of the final prospectus relating to the
offering may be obtained for free by visiting the SEC's website at
www.sec.gov or by contacting Roth Capital Partners, 888 San
Clemente Drive, Newport Beach, CA
92660, Attn: Prospectus Department, telephone: 800-678-9147, or
email at rothecm@roth.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
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. With applications to a wide array of windows,
including commercial buildings, automotive sunroofs, and
residential skylights, we partner with leading glass and film
manufacturers for mass production and distribution. 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. For more information, please
visit WWW.CROWNEK.COM.
Forward-Looking Statements
This press release contains
forward-looking statements as defined within Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements, and terms such as "anticipate," "expect," "intend,"
"may," "will," "should" or other comparable terms, involve risks
and uncertainties because they relate to events and depend on
circumstances that will occur in the future. Those statements
include statements regarding the intent, belief or current
expectations of Crown Electrokinetics and members of its
management, as well as the assumptions on which such statements are
based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, including those described in
Crown Electrokinetics' periodic reports filed with the SEC, and
that actual results may differ materially from those contemplated
by such forward-looking statements. Except as required by federal
securities law, Crown Electrokinetics undertakes no obligation to
update or revise forward-looking statements to reflect changed
conditions.
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SOURCE Crown Electrokinetics