LOS ANGELES, June 06, 2023 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in both designing and installing distributed antenna systems (DAS) and constructing fiber optic networks, today announced that it has entered into a series of agreements with existing shareholders and note holders.
Crown has established a new series of Preferred stock and taken the appropriate steps to repay, retire, or exchange all of its existing debt notes for the new preferred equity. Additionally, the Line of Credit will be paid down. The retirement of existing debt, including the $5.4 million convertible note issued in October 2022, will also allow the company to operate without restrictive covenants typically associated with convertible notes.
Joel Krutz, Crown Electrokinetics CFO stated, “We see considerable near term-growth opportunities in our fiber optics division and this deleveraging and strengthening of our balance sheet is a critical step towards capitalizing on these. We are grateful for the support of our existing investors in effecting this restructure and look forward to executing on our growing customer pipeline in the coming quarters.”
The Company has filed an 8K with the Securities and Exchange Commission providing further detail of the restructuring, available at the Company’s website in the investors section.
About Crown Electrokinetics
Crown is a smart glass technology company and the creator of our Smart Window Insert and an expert in both designing and installing distributed antenna systems (DAS) and constructing fiber optic networks.
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Source: Crown Electrokinetics: www.crownek.com