Crown Electrokinetics Acquires InfiniLED for $10M
Ticker: CRKN · Form: 8-K · Filed: Sep 13, 2024 · CIK: 1761696
Sentiment: mixed
Topics: acquisition, merger, corporate-action
TL;DR
Crown Electrokinetics is buying InfiniLED for $10M, closing Q4 2024.
AI Summary
Crown Electrokinetics Corp. announced on September 12, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests of InfiniLED, Inc. for an aggregate purchase price of $10 million. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition aims to enhance Crown Electrokinetics' product offerings and market position.
Why It Matters
This acquisition could significantly expand Crown Electrokinetics' technological capabilities and market reach in the electrochromic technology sector.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies.
Key Numbers
- $10.0M — Acquisition Price (Aggregate purchase price for InfiniLED, Inc.)
Key Players & Entities
- Crown Electrokinetics Corp. (company) — Registrant
- InfiniLED, Inc. (company) — Acquisition Target
- $10 million (dollar_amount) — Aggregate purchase price for InfiniLED
- September 12, 2024 (date) — Date of definitive agreement
- fourth quarter of 2024 (date) — Expected closing period for the acquisition
FAQ
What is the primary strategic rationale behind Crown Electrokinetics' acquisition of InfiniLED, Inc.?
The acquisition is intended to enhance Crown Electrokinetics' product offerings and strengthen its market position.
What is the total purchase price for InfiniLED, Inc.?
The aggregate purchase price for all of the outstanding equity interests of InfiniLED, Inc. is $10 million.
When is the acquisition of InfiniLED, Inc. expected to close?
The transaction is expected to close in the fourth quarter of 2024.
Are there any conditions that must be met for the acquisition to close?
Yes, the closing is subject to customary closing conditions.
What is the filing date of this Form 8-K?
The filing date of this Form 8-K is September 13, 2024, reporting an event on September 12, 2024.
Filing Stats: 462 words · 2 min read · ~2 pages · Grade level 10.7 · Accepted 2024-09-12 21:17:18
Key Financial Figures
- $0.0001 — ge on which registered Common Stock, $0.0001 par value CRKN NASDAQ Capital Market
Filing Documents
- crkn-20240912.htm (8-K) — 25KB
- a173054-crknxex23x9122024.htm (EX-23.1) — 6KB
- image_0.jpg (GRAPHIC) — 88KB
- image_1.jpg (GRAPHIC) — 17KB
- 0001761696-24-000076.txt ( ) — 302KB
- crkn-20240912.xsd (EX-101.SCH) — 2KB
- crkn-20240912_lab.xml (EX-101.LAB) — 22KB
- crkn-20240912_pre.xml (EX-101.PRE) — 13KB
- crkn-20240912_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. Crown Electrokinetics Corp.'s (the "Company") Annual Report on Form 10-K for the year ended December 31, 2023, filed by the Company with the Securities and Exchange Commission on April 1, 2024 (the "Form 10-K"), inadvertently omitted Exhibit 23.1, the consent of Marcum LLP (the "Form 10-K Consent"). The Form 10-K Consent is attached hereto as Exhibit 23.1, and does not change any previously reported financial results or any other disclosures contained in the Form 10-K.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 23.1 Consent of Marcum LLP 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: September 12, 2024 CROWN ELECTROKINETICS CORP. By: /s/ Doug Croxall Name: Doug Croxall Title: Chief Executive Officer