--- schema_version: "secwatch.filing_event.v1" accession: "0001213900-23-041189" form_type: "8-K" ticker: null cik: "0001761696" company_name: "Crown Electrokinetics Corp." filed_at: "2023-05-18T23:59:59+00:00" generated_at: "2026-06-14T21:22:42.963722+00:00" event_type: "debt" sentiment: "negative" materiality_score: 0.9 calibrated_materiality_score: 0.9 confidence: "high" source: SEC EDGAR --- # Crown Electrokinetics restructures $2.9M notes, issues stock; Nasdaq listing extended to Aug 28 ## Summary - Inducement agreements lower conversion price on $1.5M notes to $0.1547 and $1.39M notes to $0.1822, adding ~8.3M potential shares. - LOC note maturity extended to June 7, 2023; company to issue 4,000 Series E Preferred shares (convertible to 4M common). - January convertible note maturity extended to May 23, 2023; company to issue 4M common shares subject to stockholder approval. - Issued $429,877 in demand notes, with 8.6M common shares issuable upon stockholder approval, payable on demand after first offering or July 16. - Nasdaq Panel grants extension to August 28, 2023 for bid price and equity compliance; no assurance of continued listing. ## SEC filing metadata - accession: 0001213900-23-041189 - form_type: 8-K - cik: 0001761696 - company_name: Crown Electrokinetics Corp. - filed_at: 2023-05-18T23:59:59+00:00 - event_type: debt - sentiment: negative - materiality_score: 0.9 - calibrated_materiality_score: 0.9 - confidence: high - sec_items: 1.01, 3.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1761696/000121390023041189/0001213900-23-041189-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1761696/000121390023041189/ea178478-8k_crown.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001213900-23-041189 - JSON: https://secwatch.observer/filing/0001213900-23-041189.json - Plain text: https://secwatch.observer/filing/0001213900-23-041189.txt ## Key facts - Listing & Compliance Notices Crown Electrokinetics Corp. received a nasdaq extension granted notice regarding minimum bid price (rules 5550(a)(2)). - Exchange: nasdaq - Notice: extension granted - Deficiency: minimum bid price - Rules: 5550(a)(2) source text: May 15, 2023, the Company received a letter (the “Letter”) from Nasdaq notifying the Company that the Panel had granted the Company’s request to continue its listing on Nasdaq until August 28, 2023, subject to certain conditions. The Company intends to comply with the conditions set forth by the Panel, as stated in the Letter. There can be no assurance that the Panel will afford the Company more time to complete the compliance plan it articulated in the hearing, or that the Company will be able to remain in compliance with the applicable Nasdaq listing requirements on an ongoing basis. evidence_url: https://www.sec.gov/Archives/edgar/data/1761696/000121390023041189/0001213900-23-041189-index.htm - Listing & Compliance Notices Crown Electrokinetics Corp. received a nasdaq extension granted notice regarding stockholders equity (rules 5550(b)). - Exchange: nasdaq - Notice: extension granted - Deficiency: stockholders equity - Rules: 5550(b) source text: May 15, 2023, the Company received a letter (the “Letter”) from Nasdaq notifying the Company that the Panel had granted the Company’s request to continue its listing on Nasdaq until August 28, 2023, subject to certain conditions. The Company intends to comply with the conditions set forth by the Panel, as stated in the Letter. There can be no assurance that the Panel will afford the Company more time to complete the compliance plan it articulated in the hearing, or that the Company will be able to remain in compliance with the applicable Nasdaq listing requirements on an ongoing basis. evidence_url: https://www.sec.gov/Archives/edgar/data/1761696/000121390023041189/0001213900-23-041189-index.htm - Material Agreements Crown Electrokinetics Corp. amended Inducement Agreements with certain of the October Investors valued at aggregate principal amount equal to $1,500,000 (effective 2023-05-12). - Action: amendment - Agreement: credit facility - Counterparty: certain of the October Investors - Value: aggregate principal amount equal to $1,500,000 - Effective: 2023-05-12 source text: On May 12, 2023, the Company entered into letter agreements (the “Inducement Agreements”) with certain of the October Investors, pursuant to which such October Investors agreed to reduce the conversion price of October Notes in an aggregate principal amount equal to $1,500,000, to $0.1547 per share evidence_url: https://www.sec.gov/Archives/edgar/data/1761696/000121390023041189/0001213900-23-041189-index.htm - Material Agreements Crown Electrokinetics Corp. amended Inducement Agreements with the remaining October Investors with the remaining October Investors valued at aggregate principal amount equal to $1,392,657 (effective 2023-05-17). - Action: amendment - Agreement: credit facility - Counterparty: the remaining October Investors - Value: aggregate principal amount equal to $1,392,657 - Effective: 2023-05-17 source text: On May 17, 2023, the Company entered into Inducement Agreements with the remaining October Investors, pursuant to which such October Investors agreed to reduce the conversion price of October Notes in an aggregate principal amount equal to $1,392,657, to $0.1822 per share evidence_url: https://www.sec.gov/Archives/edgar/data/1761696/000121390023041189/0001213900-23-041189-index.htm - Material Agreements Crown Electrokinetics Corp. entered into Demand Notes with certain investors (the “Holders”) valued at aggregate principal amount equal to $429,877 (effective 2023-05-17). - Action: entry - Agreement: credit facility - Counterparty: certain investors (the “Holders”) - Value: aggregate principal amount equal to $429,877 - Effective: 2023-05-17 source text: Between May 17, 2023 and May 18, 2023, the Company issued secured demand promissory notes (the "Demand Notes") to certain investors (the “Holders”) in an aggregate principal amount equal to $429,877. evidence_url: https://www.sec.gov/Archives/edgar/data/1761696/000121390023041189/0001213900-23-041189-index.htm - Material Agreements Crown Electrokinetics Corp. amended Third Amendment to the Convertible Promissory Note with the lender valued at principal amount equal to $2,000,000 (effective 2023-05-15). - Action: amendment - Agreement: credit facility - Counterparty: the lender - Value: principal amount equal to $2,000,000 - Effective: 2023-05-15 source text: On May 15, 2023, the Company entered into that certain Third Amendment to the Convertible Promissory Note (the “LOC Note Amendment”) with the lender, pursuant to which the lender agreed to extend the maturity date of the LOC Note until June 7, 2023 evidence_url: https://www.sec.gov/Archives/edgar/data/1761696/000121390023041189/0001213900-23-041189-index.htm - Material Agreements Crown Electrokinetics Corp. amended a credit facility with the lead lender and collateral agent for the January Notes (effective 2023-05-15). - Action: amendment - Agreement: credit facility - Counterparty: the lead lender and collateral agent for the January Notes - Effective: 2023-05-15 source text: On May 15, 2023, the lead lender and collateral agent for the January Notes agreed to grant the Company an extension of the maturity date thereof until May 23, 2023 evidence_url: https://www.sec.gov/Archives/edgar/data/1761696/000121390023041189/0001213900-23-041189-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.