Crown Electrokinetics announces suspension of equity line of credit

Crown Electrokinetics (CRKN) suspended the use of its Equity Line of Credit agreement with Liqueous LP. “Recently, Crown had an initial, modest use of the ELOC, but has now made the decision to suspend its use. We established the ELOC to complement our existing capital options and provide flexibility to cover any funding gaps. However, at this time, we no longer deem it necessary to support our current financing strategy and strengthened outlook,” stated Doug Croxall, CEO and Chairman, Crown. “At Crown, we are dedicated to protecting shareholder value and have consulted with professionals before taking the necessary, albeit limited, steps to address the impact of suspected naked short activity. The timely decision to suspend our use of the ELOC reflects our commitment to our shareholders.”