Crown ElectroKinetics Corp. (NASDAQ: CRKN) experienced a tumultuous ride last Friday, with its shares plunging nearly 12%. However, Monday’s pre-market hours brought a stunning reversal, as CRKN embarked on a bullish surge, skyrocketing by a remarkable 26.1%.
This surge propelled the stock to trade as high as $0.1242, a notable leap from its Friday closing price of $0.1000. The impressive trading volume of 115 million shares underscored the fervent bullish sentiment prevailing in extended trading sessions.
Crown Meme Stock Frenzy
The frenzy surrounding meme stocks is largely responsible for the roller-coaster trajectory of CRKN. The company specializes in commercializing electro kinetic technology for the smart glass market, offering optical switching film solutions that enable electronic opacity control on glass surfaces. Amidst this price volatility, CRKN announced details for its upcoming annual shareholder meeting scheduled for June 14, 2024, at 10:00 a.m. Eastern Time.
Several critical matters are slated for voting during the meeting, including the election of five board members, ratification of Marcum LLP as the independent registered public accounting firm, and approval of a reverse stock split with a ratio potentially as high as 1-for-150 shares. Additionally, shareholders will vote on the approval of the 2024 Employee Incentive Plan and granting the company authority to issue shares to accredited investors. The meeting also reserves the flexibility to address other pertinent matters or adjourn if necessary.
Possible Reverse Stock Split
The announcement of a potential reverse stock split and the issuance of shares to accredited investors seem to have dampened investor enthusiasm, evident from the downward pressure on CRKN stock. As of Wednesday morning, CRKN’s trading activity surged, with over 43.2 million shares exchanging hands, surpassing its daily average trading volume of approximately 88 million shares. Despite the heightened trading activity, CRKN stock witnessed a decline of 36.8%, further exacerbating its year-to-date losses, which stood at 16.2% at the close of Tuesday’s trading session.
Conclusion
In conclusion, Crown ElectroKinetics Corp.’s pre-market surge reflects the volatile dynamics of meme-driven trading while investors closely monitor developments leading up to the company’s pivotal shareholder meeting.
