Crown Electrokinetics, which is developing electrokinetic film technology for smart or dynamic glass, revised the terms for its upcoming IPO on Monday.
The Corvallis, OR-based company now plans to raise $17 million by offering 1 million shares at $16.50, the January 21 close of its shares on the OTCQB (CRKN), as adjusted for a planned one-for-three reverse split. The company had previously filed to offer 0.7 million shares at $24, the close of its shares on the OTCQB as adjusted for a planned one-for-five reverse split. At the revised price, Crown Electrokinetics will raise the same amount of proceeds as previously anticipated, and it would command a fully diluted market value of $299 million (+15% vs. previous terms).
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. It is expected to price during the week of January 25, 2021.
