Why Crown Electrokinetics (CRKN) Shares Are Falling
Portfolio Pulse from Henry Khederian
Crown Electrokinetics Corp. (NASDAQ:CRKN) shares fell by 17% to $0.08 after announcing an offering of 300 million shares by Keystone Capital Partners. The company will not receive proceeds from the resale but may sell up to $50 million worth of common stock to Keystone. So far, $13.67 million worth of stock has been sold.
June 05, 2024 | 3:22 pm
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Crown Electrokinetics shares fell 17% to $0.08 after announcing a 300 million share offering by Keystone Capital Partners. The company will not receive proceeds from the resale but may sell up to $50 million worth of common stock to Keystone.
The announcement of a large share offering typically dilutes existing shares, leading to a drop in stock price. The company not receiving proceeds from the resale adds to investor concerns.
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