A lot of people bought and sold Crown Electrokinetics Corp. shares recently, sending them skyrocketing 467.1%. However, the company’s news about smart glasses and fiber optics might not be seen as good.
It was the most traded stock on the Nasdaq, with 2.8 billion shares changing hands. The average number of shares traded in a full day is about 37.5 million.
Chief Financial Officer Joel Krutz told MarketWatch in an email, “We are keeping an eye on it, but we don’t know what is causing this volume and price spike.” “We have disclosed everything.”
With the Securities and Exchange Commission, the company sent a 12b-25 notice that it had filed its audited quarterly results late.
“The compilation, dissemination and review of the information required to be presented in the Form 10-Q for the relevant fiscal quarter has imposed time constraints that have rendered timely filing of the Form 10-Q impracticable without undue hardship and expense to the registrant,” it said.
In about two weeks, the price went up after hitting a record low of 4.28 cents on May 8. A one-for-60 reverse split took place less than a month ago, on September 7, 2023. Since then, it has closed below $1. FactSet says the company’s all-time high market value was $247.8 million on July 8, 2020. Its current market capitalization is about $13.6 million.
Remember that the company said in its April 1 annual report that it expects to continue to lose money on operations and have negative cash flows until it can get market approval to sell the technology it is currently working on. This means that there is “substantial doubt” about its ability to stay in business.
(This corrects the spelling of CFO Krutz’s name in an earlier report.)
