Crown Electrokinetics restructures debt, exchanges notes for Series F Preferred, issues 35.5M warrants

Crown Electrokinetics Corp.

Exchanged $2.6M Oct notes, $205K Jan notes, $570K demand notes, 1,197 Series D shares for 5,251 Series F shares ($1K stated value).
Issued five-year warrants to purchase 35.5M shares of common stock at $0.1478 per share, subject to stockholder approval.
Series F Preferred converts at $0.1478/share, 10% annual dividend, 4.99%-9.99% ownership cap, and 125% liquidation preference.
Deleveraging reduces debt and removes restrictive covenants; CFO cites fiber optics growth opportunities.

item 1.01 item 5.03 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.: Filed Certificate of Designation for Series F Preferred Stock, establishing its terms (effective 2023-06-05).

Change: charter amendment
Effective: 2023-06-05

Exact text from the filing

On June 5, 2023, the Company filed a Certificate of Designation for its Series F Preferred Stock with the Secretary of State of Delaware (the "Certificate of Designation").

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

Crown Electrokinetics Corp. entered into Exchange Agreements (effective 2023-06-04).

Action: entry
Agreement: equity purchase
Effective: 2023-06-04

Exact text from the filing

On June 4, 2023, the Company entered into Exchange Agreements (the “Exchange Agreements”): (i) with the October Investors for the exchange of October Notes in the aggregate principal amount of $2,616,740 for 2,622 shares of the Company’s newly created Series F Convertible Preferred Stock (“Series F Preferred Stock”), in the aggregate; (ii) with the January Investors for the exchange of January Notes in the aggregate principal amount of $205,276 for 206 shares of Series F Preferred Stock, in the aggregate; (iii) with the Demand Noteholders for the exchange of Demand Notes in the principal amount of $570,279 for 576 shares of Series F Preferred Stock, in the aggregate; and (iv) with the Series D Purchasers for the exchange of 1,197 shares of Series D Preferred Stock for 1,847 shares of Series F Preferred Stock, in the aggregate.

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Source: SEC EDGAR

accession 0001213900-23-046540

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