What In The World Is Going On With Crown Electrokinetics Stock?

Crown Electrokinetics Corp. CRKN shares are trading higher by some 245% to $0.64 Wednesday morning after the company announced it acquired Amerigen 7.

Crown says the company will pay $645,000 in cash for substantially all of the assets of Amerigen 7, while assuming certain operating liabilities.

Doug Croxall, Crown Electrokinetics CEO and Chairman noted how "The asset acquisition includes an executed purchase order with Charter Communications for $67 million to build out its fiber optic network in the State of Ohio. We expect to commence work in Ohio in the coming weeks. Additionally, the Crown Fiber Optic division will continue to focus on its existing fiber optic construction in the State of Michigan."

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"Crown Fiber Optics is a prime contractor for Charter Communications in the States of Ohio, Michigan, Indiana, Wisconsin and Pennsylvania. We are anticipating our Crown Fiber Optic division to generate approximately $30 million in revenue in 2023, while generating approximately $10 million in EBITDA," Croxall stated.

According to data from Benzinga Pro, CRKN has a 52-week high of $3.85 and a 52-week low of $0.05.