Why Is Crown ElectroKinetics (CRKN) Stock Down 37% Today?


  • Crown ElectroKinetics (CRKN) stock is down on shareholder meeting news.
  • The company’s next meeting will take place in June.
  • It’s seeking approval for a reverse stock split during it.
CRKN Stock - Why Is Crown ElectroKinetics (CRKN) Stock Down 37% Today?

Source: Shutterstock

Crown ElectroKinetics (NASDAQ:CRKN) stock is falling on Wednesday after the optical switching films company announced details for its upcoming annual shareholder meeting.

The annual shareholder meeting of CRKN stock investors is set for June 14, 2024. The meeting will start at 10:00 a.m. Eastern Time, and several matters will be voted on during it.

Let’s break those down real quick:

  • The election of five members to its board of directors.
  • Ratifying Marcum LLP as its independent registered public accounting firm.
  • Approving a CRKN reverse stock split with a ratio as high as 1-for-150 shares.
  • Approving its 2024 Employee Incentive Plan.
  • To approve the company to issue shares to an accredited investor.
  • The ability to cover other relevant matters at the meeting or adjourn it if need be.

It’s likely that investors aren’t excited about the company’s plan for a reverse stock split. The idea of issuing shares to an accredited investor may also be weighing on CRKN stock today.

CRKN Stock Movement on Wednesday

CRKN stock is seeing strong trading today alongside its annual shareholder meeting announcement. This has more than 43.2 million shares of its stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 88 million shares.

CRKN stock is down 36.8% as of Wednesday morning. The stock was also down 16.2% year-to-date when markets closed yesterday.

There are more stock market stories traders will want to read about today!

Fortunately, we have all of them collected in one place! A few examples of Wednesday’s hottest stock market stories include why shares of Mustang Bio (NASDAQ:MBIO) and Akoustis Technologies (NASDAQ:AKTS) stock are up as well as the biggest pre-market stock movers this morning. All of that info is ready at the following links!

More Wednesday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More: Penny Stocks — How to Profit Without Getting Scammed

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.

Article printed from InvestorPlace Media, https://investorplace.com/2024/05/why-is-crown-electrokinetics-crkn-stock-down-37-today/.

©2024 InvestorPlace Media, LLC