Crown Announces Suspension of Equity Line of Credit ๐ฅ๐
LOS ANGELES, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Companyโ), a leading provider of cutting edge technology solutions that benefit communities and the environment, today announced that it has suspended the use of its Equity Line of Credit (ELOC) agreement with Liqueous LP.
โRecently, 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,โ stated Doug Croxall, CEO and Chairman, Crown. โAt 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.โ
โOur business outlook is strong. Crown continues to drive revenue from its Fiber Optics and Water Solutions businesses from contracts including the construction of U.S. fiber optics networks, the construction of slant wells in Los Cabos, Mexico, and Element 82โs water service line inspection for lead pipes. In addition, our most recent contract includes PE Pipelinesโ services for replacing lead-based water service lines,โ concluded Mr. Croxall.
Use of the ELOC is at the Companyโs sole discretion, and the Company has the flexibility to reinstate it as conditions warrant. The Company intends to update the market if, and when, the Company determines to start utilizing the ELOC once again.
Source: https://ir.crownek.com/news-events/press-releases/detail/141/crown-announces-suspension-of-equity-line-of-credit
โRecently, 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,โ stated Doug Croxall, CEO and Chairman, Crown. โAt 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.โ
โOur business outlook is strong. Crown continues to drive revenue from its Fiber Optics and Water Solutions businesses from contracts including the construction of U.S. fiber optics networks, the construction of slant wells in Los Cabos, Mexico, and Element 82โs water service line inspection for lead pipes. In addition, our most recent contract includes PE Pipelinesโ services for replacing lead-based water service lines,โ concluded Mr. Croxall.
Use of the ELOC is at the Companyโs sole discretion, and the Company has the flexibility to reinstate it as conditions warrant. The Company intends to update the market if, and when, the Company determines to start utilizing the ELOC once again.
Source: https://ir.crownek.com/news-events/press-releases/detail/141/crown-announces-suspension-of-equity-line-of-credit
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Rollercoaster05 : r3ally good news
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Bandicoot : Terrible