Partner Ali Panjwani, co-chair of Pryor Cashman's Corporate Group, and associate Eric Wisotsky represented Crown Electrokinetics Corp. as they closed on a $21.5 million initial public offering and listing on the Nasdaq Capital Market. As detailed in a press release issued by the company:
("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.
Crown is a smart glass technology company, with technology that 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, Crown partners with leading glass and film manufacturers for mass production and distribution. With its unique ability to be retrofitted to existing glass, Crown offers myriad benefits related to reducing carbon emissions.
Access the company's announcement through the link below.
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