Why Crown Electrokinetics Shares Are Sinking
Portfolio Pulse from Erica Kollmann
Crown Electrokinetics Corp. (NASDAQ:CRKN) shares are trading lower after the company announced a 1-for-150 reverse stock split, effective June 25. The company also secured a $12 million dark fiber construction project and received conditional approval for continued Nasdaq listing.
June 21, 2024 | 12:54 pm
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Crown Electrokinetics shares are down 23.8% following the announcement of a 1-for-150 reverse stock split. The company also secured a $12 million dark fiber project and received conditional Nasdaq listing approval.
The reverse stock split is generally perceived negatively by investors as it can indicate financial distress or efforts to meet listing requirements. Despite securing a $12 million project and conditional Nasdaq listing approval, the immediate market reaction is negative.
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