Crown Electrokinetics, which makes optical switching film to electronically control opacity of glass, filed an amendment on Wednesday with the SEC, with plans to raise up to $17 million in an initial public offering. The company originally filed in November 2020 but was ineligible for Renaissance Capital tracking because it planned to offer units with warrants attached.
The Corvallis, OR-based company plans to raise $17 million by offering 0.7 million shares at $24, the as-converted last close of its shares on the OTCQB (CRKN). At the proposed price, Crown Electrokinetics would command a fully diluted market value of $261 million.
The company develops and sells optical switching film that can be embedded between sheets of glass or applied to the surface of glass to electronically control opacity, which it calls DynamicTint. The company's technology is developed under an exclusive license from Hewlett-Packard and can be applied to a wide array of windows, including commercial buildings, automotive sunroofs, and residential skylights and windows. The company has not generated significant revenue to date.
Crown Electrokinetics was founded in 2015 and plans to list on the Nasdaq under the symbol CRKN. Roth Capital is the sole bookrunner on the deal.
