Crown Enters Merger Agreement with Douglas Croxall-Controlled Entity
Deal News | Jun 09, 2025 | Globenewswire
Crown Electrokinetics Corp, a key player in optical and fiber infrastructure solutions, announced a merger agreement with Crown EK Acquisition LLC and its subsidiary, Crown EK Merger Sub Corp. The agreement involves a tender offer of $3.15 per share, intending to make Crown a wholly owned subsidiary of the Parent company, controlled by its current Chairman and CEO, Douglas Croxall. The merger was approved by a special committee of independent directors from Crown after it received a fairness opinion from an independent financial advisor. The tender offer is scheduled to commence within 15 business days and last for 20 business days unless extended. The transaction is not contingent on financing and aims to close upon successful completion of the tender offer. Additional details regarding the transaction will be filed with the SEC. The merger aims to further enhance Crown's market position and operational capabilities.
Sectors
- Technology Infrastructure
- Optical and Fiber Solutions
Geography
- United States – Crown Electrokinetics is based in Los Angeles and operates within the United States, where the merger will be executed and regulated under U.S. laws.
Industry
- Technology Infrastructure – Crown Electrokinetics operates in the technology infrastructure sector, providing optical and fiber solutions.
- Optical and Fiber Solutions – The company's business operations cater to the development of optical and fiber infrastructure solutions.
Financials
- $3.15 per share – The cash purchase price offered for each of Crown's outstanding common shares.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Crown Electrokinetics Corp. | Target Company | Company | A leader in optical and fiber infrastructure solutions listed on NASDAQ as CRKN. |
| Crown EK Acquisition LLC | Bidding Company | Company | An acquisition entity controlled by Douglas Croxall, aiming to buy out Crown Electrokinetics. |
| Crown EK Merger Sub Corp. | Purchaser | Company | A wholly owned subsidiary of Crown EK Acquisition LLC created for the purpose of this merger. |
| Douglas Croxall | CEO and Chairman | People | CEO and Chairman of Crown, controlling the entity making the acquisition offer. |