The Crown Electrokinetics Corp. (NASDAQ: CRKN) stock price surged 44% despite the lack of news from the company as investor interest in the stock remained high. Today’s price action forces us to look at previous news releases to see if it could be a delayed reaction to some positive news from the past.
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According to its previous news releases, Crown Electrokinetics' fiber optics division secured an $85 million order from a client to work on a project based in Idaho. The company noted that the deal with a leading infrastructure solutions provider was building on recent momentum.
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The leading smart glass technology company also specialises in designing and installing distributed antenna systems (DAS) and constructing fiber optic networks. The company also recently secured a $50 million purchase order before the $85 million order.
Another crucial announcement from the company was the recent restructuring of its balance sheet, which led to the issuance of multiple series of preferred stock to its lenders and convertible bondholders, which freed the company from the restrictions associated with convertible bonds and debt.
Doug Croxall, Crown Electrokinetics CEO and Chairman stated: “Today’s announcement continues to build on recent momentum, demonstrating the success and interest in our Fiber Optics division and its ability to sign meaningful and revenue-producing projects. The $85 million agreement covers a project based in Idaho. This project marks our sixth in just a few months.”
All the above news occurred recently and could contribute to Crown Electrokinetics (CRKN) stock’s popularity among retail investors. Over 12.25 million CRKN shares had changed hands at the time of writing.
As a value investor, I am interested in the company’s long-term prospects, which look pretty promising. The current price at which CRKN shares are trading is also quite attractive, given that the shares have fallen 91.69% over the past 12 months. Therefore, I would consider purchasing Crown Electrokinetics (CRKN) shares at current prices.
*This is not investment advice.
Crown Electrokinetics (CRKN) stock price.
The Crown Electrokinetics (CRKN) stock price surged 44.02% premarket to trade at $0.1469, from Monday’s closing price of $0.1020.
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