Crown ElectroKinetics (NASDAQ:CRKN) stock is taking off on Wednesday after revealing an acquisition deal with Amerigen 7.
Crown ElectroKinetics is acquiring Amerigen 7 for $645,000, which will also see it assume certain operating liabilities. Amerigen 7 is an emerging leader in the distributed antenna systems and construction of fiber optic infrastructure fields.
Following the acquisition, Amerigen 7 will be renamed to Crown Fiber Optics. The company will continue its current operations with founder Leonardo Perez continuing to serve as a member of the business after the acquisition.
What This Means for CRKN Stock
Crown ElectroKinetics will now operate with two specific focuses. The first is its current Smart Window Insert operations and the second is the Distributed Antenna Systems business. This will help customers get stronger 5G signals inside buildings.
Doug Croxall, Crown Electrokinetics CEO and Chairman said the following about the news:
“Crown Fiber Optics is a prime contractor for Charter Communications in the States of Ohio, Michigan, Indiana, Wisconsin and Pennsylvania. We are anticipating our Crown Fiber Optic division to generate approximately $30 million in revenue in 2023, while generating approximately $10 million in EBITDA.”
CRKN stock is seeing heavy trading today with some 56 million shares on the move. For the record, the company’s daily average trading volume is closer to 5 million shares.
CRKN stock is up 101.6% as of Wednesday morning and was up as much as 200% earlier today.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.