CORVALLIS, OR – Crown Electrokinetics Corp. (NASDAQ:CRKN), a manufacturer specializing in electronic components, announced a change in its independent registered public accounting firm on Monday. The company's audit committee approved the dismissal of Marcum LLP, which had been serving as its accountant since 2017, and engaged BPM LLP as the new auditor.
The decision to change accountants was finalized on August 13, 2024. According to the company's 8-K filing with the Securities and Exchange Commission, there were no disagreements between Crown Electrokinetics and Marcum on any accounting practices or financial disclosures that would have impacted Marcum's reports for the fiscal years ended December 31, 2023, and 2022.
Crown Electrokinetics has requested that Marcum LLP provide a letter to the SEC to confirm their agreement with the statements made in the disclosure. This letter will be filed as an amendment to the current report.
The company has not sought advice or consulted with BPM LLP on any accounting principles or auditing matters during the two most recent fiscal years or in the interim period leading up to the new engagement.
In other recent news, Crown Electrokinetics has made notable strides with its financial and operational developments. The company has regained Nasdaq compliance, a significant step towards ensuring continued trading and investor confidence.
Crown Electrokinetics has also updated its third-quarter revenue guidance from $7 million to $8 million, to a new estimate of $8 million to $9 million, following the acquisition of new contracts.
These contracts are part of the company's expansion in fiber optic network construction operations in Arizona and Oregon. The company also secured an additional segment of a large-scale fiber project in Nevada, expected to generate an estimated $5.7 million in gross revenue. Furthermore, Crown Electrokinetics has executed a 1-for-150 reverse stock split, pending shareholder approval, in compliance with Nasdaq's listing requirements.
Despite reporting a net loss of $4.6 million for the first quarter of 2024, with operational net losses amounting to $3.7 million, Crown Electrokinetics has secured new infrastructure projects in Oregon. These projects are projected to generate around $8 million in revenue in 2024, potentially increasing to $15 million by 2025. These are the recent developments at Crown Electrokinetics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.