Crown Electrokinetics secures up to $100M line of credit, draws $2M at $0.50 convertible

Crown Electrokinetics Corp.

Line of credit up to $100M; initial $2M draw at 0% interest, convertible into common at $0.50/share.
Issued 5,000 shares of Series E preferred (1,000:1 common conversion) and warrant for 45,000 Series E shares.
Series D preferred conversion price amended from $1.30 to $0.50.
Company expects acquired fiber/DAS business (Amerigen 7) to add $30M revenue and $10M EBITDA in 2023.

item 1.01 item 5.03 item 2.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Crown Electrokinetics Corp.: Amended the conversion price of Series D Preferred Stock from $1.30 to $0.50 (effective 2023-02-01).

Change: charter amendment
Effective: 2023-02-01

Exact text from the filing

On February 1, 2023, the Company filed Amendment No. 1 to the Certificate of Designations, Preferences and Rights of its Series D Preferred Stock (as amended, the “ Series D COD ”). The amendment amends the conversion price of the Company’s Series D Preferred Stock from $1.30 to $0.50.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Crown Electrokinetics Corp.: Established the rights of Series E Preferred Stock (effective 2023-02-01).

Change: charter amendment
Effective: 2023-02-01

Exact text from the filing

On February 1, 2023, the Company filed a Certificate of Designations, Preferences and Rights of the Series E Preferred Stock with the Secretary of State of the State of Delaware (the “ Series E COD ”) in connection with the Line of Credit. The Series E COD establishes the rights of the shares of Series E Preferred Stock.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Crown Electrokinetics Corp. entered into Line of Credit Agreement with Lender valued at $100,000,000 line of credit; initial advance of $2,000,000 (effective 2023-02-02).

Action: entry
Agreement: credit facility
Counterparty: Lender
Value: $100,000,000 line of credit; initial advance of $2,000,000
Effective: 2023-02-02

Exact text from the filing

On February 2, 2023, Crown Electrokinetics Corp. (the " Company ") entered into a Line of Credit Agreement (the " Line of Credit ") with a lender (" Lender ") pursuant to which Lender extended to the Company a secured line of credit in an amount not to exceed $100,000,000, to be used to fund expenses related to the fulfillment of contracts with customers of the Company’s wholly-owned subsidiary, Crown Fiber Optics Corp.

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Source: SEC EDGAR

accession 0001213900-23-007769

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