Crown Electr - CRKN STOCK NEWS

Crown Electrokinetics (NASDAQ: CRKN) announced that its Element 82 division will play a important role in Pittsburgh Water's lead pipe replacement initiative. Through an exclusive partnership with Electro Scan Inc., Element 82 will deploy SWORDFISH technology to inspect water service lines for 1,600 homes as part of the Neighborhood Lead Service Line Replacement program.

SWORDFISH utilizes advanced electrical resistance testing for lead pipe identification, offering non-invasive and non-destructive inspection methods. The U.S. Environmental Protection Agency recognized electrical resistance testing in December 2024 as the only commercially available solution capable of accurately identifying lead water pipes. The technology can detect various materials, including lead, copper, galvanized, and plastic pipes, surpassing traditional detection methods.

Crown Electrokinetics (NASDAQ: CRKN) announced that its Element 82 division will play a important role in Pittsburgh Water's lead pipe replacement initiative. Through an exclusive partnership with Electro Scan Inc., Element 82 will deploy SWORDFISH technology to inspect water service lines for 1,600 homes as part of PGH2O's Neighborhood Lead Service Line Replacement program.

SWORDFISH, recognized by the EPA in December 2024 as the only commercially available solution for accurate lead pipe identification, uses electrical resistance testing to detect various pipe materials including lead, copper, galvanized, and plastic pipes. The technology provides non-invasive and non-destructive inspection capabilities with superior accuracy compared to traditional methods.

Crown Electrokinetics (NASDAQ: CRKN) announced a 1-for-150 reverse stock split effective January 30, 2025. The company will continue trading on Nasdaq under the same ticker symbol with a new CUSIP number 228339 503. The split was approved by the Board on January 25 and by stockholders on January 14, 2025.

Every 150 shares will automatically convert to one share, with fractional shares rounded up to the nearest whole share. The split aims to maintain Nasdaq listing requirements. CEO Doug Croxall highlighted the company's strong position with over $25 million cash balance and growing revenues. He also emphasized the recent addition of Andy Mayer and his team, focusing on pipeline industry expertise and disaster rehabilitation, particularly for California's wildfire recovery efforts.

Crown Electrokinetics (NASDAQ: CRKN) has appointed Andrew Mayer as President of Crown Construction, effective immediately. Mayer brings over 45 years of pipeline industry experience and will lead the company's newly established Construction Division, focusing on fiber optics services, lead pipe detection, and XXL diameter pipeline solutions.

Mayer's extensive background includes significant contributions at British Gas, where he helped develop technologies for replacing 10 billion feet of gas pipelines. As former President of Murphy Pipelines, he pioneered trenchless technologies and CompressionFit HDPE methods. Crown will now offer XXL diameter HDPE pipeline solutions exceeding 54 inches, positioning itself as the only U.S. contractor with fusion plates capable of welding HDPE pipes into miles-long pipelines.

As part of his appointment, Mayer will receive RSUs valued at approximately $4.5 million as an inducement equity award, with a four-year vesting schedule starting with a 25% cliff vest after one year.

Crown Electrokinetics (NASDAQ: CRKN) has secured an exclusive partnership with Electro Scan Inc. to deploy the Swordfish lead detection device across 48 U.S. states. The partnership supports Crown's Element 82 division, which is expected to contribute to the company's projected 2025 revenue of $30-35 million.

The Swordfish is the first hand-held buried lead pipe detection tool that can automatically identify buried copper, galvanized, plastic, and lead pipes without excavation. In 2024, Element 82 successfully inspected over 2,500 homes using this technology.

Notably, in December 2024, the U.S. EPA recognized electrical resistance testing, the technology behind Swordfish, as the only commercially available innovative solution for identifying buried lead pipes. Electro Scan holds multiple U.S. and international patents for this technology.

Crown Electrokinetics (NASDAQ: CRKN) has announced a strengthened financial position with over $25 million in cash (approximately $0.11 per share) and zero debt. The company provided 2025 revenue guidance of $30-35 million and expects to achieve profitability in the first half of 2025.

The company, which has grown to a team of 60 people, operates across three business divisions, focusing on lead pipe identification, water scarcity solutions, and Smart Window Inserts. Crown plans to begin installing its Smart Window Inserts in select U.S. commercial buildings in 2025 as part of a strategic rollout.

Additionally, Crown has filed a $500 million Form S-3 registration statement with the SEC to replace its expiring shelf registration, maintaining flexibility for future capital raising opportunities.

Crown Electrokinetics (NASDAQ: CRKN) announced the results of its Special Meeting of Stockholders held on January 14, 2025. Shareholders approved all proposals, including authorization for up to a 1-for-200 reverse stock split of common stock and ratification of its independent registered public accounting firm.

The Board of Directors has discretion to implement the reverse split within a ratio range of 1-for-2 to 1-for-200 at any time before December 31, 2025. The move aims to maintain Nasdaq listing compliance and ensure continued access to capital markets.

CEO Doug Croxall stated that Crown is positioned for growth across its three divisions and committed to achieving profitability in the first half of 2025. The company focuses on delivering innovative infrastructure solutions benefiting communities and the environment.

Crown Electrokinetics (NASDAQ: CRKN) has issued a important reminder to shareholders regarding the upcoming Special Meeting of Stockholders scheduled for January 14, 2025, at 10:00 a.m. Eastern Time. The company is seeking shareholder approval on key proposals, most notably a reverse stock split aimed at maintaining its Nasdaq listing status.

CEO and Chairman Doug Croxall emphasized that approving the reverse stock split is vital for strengthening Crown's market position, meeting listing requirements, attracting new investors, and enhancing financial flexibility. The company's Board of Directors and management strongly recommend voting FOR all proposals, viewing them as essential for Crown's long-term success.

Shareholders can vote electronically through www.proxyvote.com or by phone at 1-800-690-6903, using their control number found on their proxy card. Additional voting assistance is available through Crown's Investor Relations team at ir@crownek.com.

Crown Electrokinetics (NASDAQ: CRKN) provided a year-end update highlighting its transformation into a conglomerate with three divisions: Smart Windows, Fiber Optics, and Water Solutions. The company expects to achieve $20 million in revenue for 2024, primarily generated in the final three quarters, and projects $30-35 million for 2025. Crown anticipates reaching profitability in H1 2025.

The company has expanded across eight U.S. states and two countries, completing over 2 million feet of fiber optics installation and conducting lead testing on 2,500+ homes. A special stockholders meeting is scheduled for January 14th, 2025, to approve a reverse stock split to maintain NASDAQ listing compliance, with a NASDAQ appeal hearing expected in early February.