CRKN News & Events

Amaze Holdings (AMZE) announced the appointment of Joel Krutz as its Chief Financial Officer, CFO. Most recently, Krutz served as Chief Financial Officer and Chief Operating Officer of Crown Electrokinetics (CRKN)

Crown Fiber Optics has secured multi-year fiber infrastructure contracts valued at slightly more than $100 million. The Company's continued growth is driven by new long-term awards in New Mexico and Washington, as well as the ongoing expansion of broadband projects across the Pacific Northwest. The newly awarded contracts, totaling approximately $80 million in annual revenue potential, were secured with one of the fastest-growing privately held internet service providers in the United States. In Albuquerque, New Mexico, the project is expected to generate about $50 million annually, while the project in greater Seattle, Washington, is expected to contribute approximately $30 million per year over its multi-year term. In addition to these new awards, Crown Fiber continues to build momentum across the Pacific Northwest through federally funded rural broadband initiatives and long-term partnerships with leading network providers. Collectively, these efforts bring the Company's current contract and backlog portfolio to more than $100 million in total value. As part of this regional growth, Crown Fiber recently secured a $6 million-plus contract with an Oregon-based telecommunications provider to complete RUS-funded rural fiber projects in Vale, Oregon. This multi-phase project has officially broken ground and is anticipated to expand significantly through 2026 and 2027 as additional phases are launched. The Company has also secured a contract with a Native reservation in Oregon to deploy rural broadband infrastructure throughout the community. The current phase of this initiative is valued at approximately $3 million, with future phases projected to expand the total opportunity to over $25 million within the next two to three years. Additionally, Crown Fiber maintains a robust backlog exceeding $25 million through its ongoing operations and maintenance support for a regional fiber-optic internet provider across Oregon, Washington, and Idaho, with additional territories currently under evaluation.

Crown Electrokinetics entered into a definitive Agreement and Plan of Merger with Crown EK Acquisition and Crown EK Merger Sub, a wholly owned subsidiary of Parent. Parent is controlled by Douglas Croxall, the Company's Chairman and CEO. Under the terms of the Merger Agreement, Purchaser will commence a tender offer to acquire all outstanding shares of Crown's common stock for a cash purchase price of $3.15 per share, subject to the terms and conditions of the Merger Agreement. The proposed transaction has been unanimously approved by a special committee comprised of independent directors of Crown's board of directors and is intended to result in Crown becoming a wholly owned subsidiary of Parent. The Special Committee received a fairness opinion from an independent financial advisor and determined the transaction is fair to, and in the best interests of, Crown's unaffiliated public stockholders. The tender offer is expected to commence within 15 business days and will remain open for 20 business days, unless extended in accordance with the Merger Agreement and applicable Securities and Exchange Commission rules. The transaction is not subject to a financing condition and is expected to close promptly following the successful completion of the tender offer and, if applicable, the exercise of a top-up option.

Revenue was $2.8 million for the first quarter of 2025, which increased from $0.7 million during the same period of 2024. Increased revenue is attributable to new contracts in the Fiber Optics, Water Service Lines (Element 82), and Water Intake Solutions businesses.