Why Shares Of Crown Electrokinetics Corp. Are Trading Lower

Shares of small-cap penny stock Crown Electrokinetics Corp. CRKN shares are trading lower after the company priced its common stock offering of 1.25 million shares at $0.80 per share.

The offering is expected to close on July 22, 2022, subject to satisfaction of customary closing conditions.

Crown intends to use the net proceeds from this offering for general corporate purposes, including, without limitation, general working capital.

Crown ElectroKinetics Corp is a provider of DynamicTint - We Make Your Glass Smarter. The company's technology allows any glass surface to transition between clear and dark in seconds. DynamicTint allows windows to transition from transparent to black. With applications to a wide array of windows, including commercial buildings, automotive sunroofs, and residential skylights, Crown partners with glass and film manufacturers for mass production and distribution.

CRKN Price Action: Crown Electrokinetics Corp. has traded between $4.48 and $0.62 over a 52-week period.

The stock was trading 18.9% lower at $0.90 per share on Wednesday at the time of publication, according to data from Benzinga Pro.