Crown Electrokinetics, which is developing electrokinetic film technology for smart or dynamic glass, raised $19 million by offering 4.2 million shares at $4.50, below the last close of its shares on the OTCQB (CRKN).
The Corvallis, OR-based 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 plans to list on the Nasdaq under the symbol CRKN. Roth Capital acted as a lead manager on the deal.
