Liqueous LP Finalizes $100 Million Equity Line of Credit With Crown Electrokinetics Corp, Building on Strategic Recapitalization Efforts and separately provides NUBURU Financing Update

DOVER, Del., Oct. 15, 2024 (GLOBE NEWSWIRE) — Liqueous LP, a premier multi-strategy fund specializing in liquidity solutions, is pleased to announce the finalization of a $100 million Equity Line of Credit (ELOC) with Crown Electrokinetics Corp (NASDAQ: CRKN) (the “Company”). This significant financing arrangement is part of Liqueous’s strategic expansion, focused on delivering tech-driven financial structures to micro, small, and mid-market issuers, aimed at enhancing shareholder value.

In May 2024, Liqueous played a key role in helping CRKN fully pay off and retire all outstanding classes of convertible preferred stock, totaling over $11 million, as part of its comprehensive recapitalization strategy. The Company successfully settled its obligations with preferred stockholders, marking the completion of its restructuring efforts. This new ELOC represents the next phase of CRKN’s financing structure, with a strengthened balance sheet and capital foundation designed to support growth.

“Retiring all of the Company’s preferred stock in May was a pivotal moment for us, allowing us to streamline our capital structure with no remaining convertible debt or preferred stock. This has set the stage for us to focus on developing our business segments and pursuing acquisitions on more favorable terms for the Company and its shareholders,” said Doug Croxall, CEO of Crown Electrokinetics. “We look forward to continuing our partnership with Liqueous as our finance partner.”

This $100 million ELOC will allow Liqueous to further expand its portfolio of liquidity solutions while providing much-needed capital for micro, small, and mid-market issuers. The ELOC will also help support other strategic partnerships and investments in innovative financial technologies and emerging markets.

“This new ELOC provides Liqueous with the tools needed to continue their mission of providing strategic capital solutions to CRKN,” said Jacob Fernane, Managing Partner of Liqueous LP. “The flexibility and scale of this financing are precisely what emerging companies need to thrive. Our recent financial programs with Nuburu and CRKN underscores our commitment to providing flexible, strategic capital with minimal dilution, enabling companies to achieve their growth goals.”

Liqueous Nuburu Update
Additionally, Liqueous recently announced a $65 million financing program for Nuburu Inc. (NYSE American: BURU), a leading provider of high-power industrial blue laser technology. This program included a $15 million direct capital injection and a $50 million equity line of credit, highlighting Liqueous’s ability to offer comprehensive, financing solutions. Similarly, Liqueous assisted BURU in retiring nearly $6 million in junior and senior debt during the second and third quarters of 2024.

Liqueous was pleased that BURU canceled its special shareholder meeting scheduled for October 15, 2024. This move was part of a strategic decision to pursue a cash repayment and retire a convertible note, which would have required shareholder approval for a stock issuance that could have exceeded 19.99% of BURU’s outstanding shares and involved a potential conversion discount of more than 20% to the market price. Unlike this structure, most of Liqueous’ financing terms are priced at current market values without any discount.

This strategic shift follows the recent cancellation of Lincoln Park’s equity line of credit and represents a major evolution in BURU’s capital strategy. The new financing terms with Liqueous LP more accurately reflect the value of BURU’s technology, positioning the Company to achieve its commercialization goals while helping to protect shareholder interests.

About Liqueous LP
Liqueous LP is an innovative multi-strategy fund that delivers bespoke liquidity solutions to micro, small, and mid-market issuers. By leveraging emerging technologies and proprietary financial structures, Liqueous provides long-term, low-cost capital to optimize value for its portfolio companies. The firm specializes in strategic financing, shareholder liquidity solutions, and asset-backed instruments. To learn more, visit www.liqueous.com

About Crown Electrokinetics
Crown Electrokinetics Corp. (NASDAQ: CRKN) is a smart glass technology company and the creator of DynamicTint™—a technology originally invented by Hewlett-Packard (HP, Inc.) that allows any glass surface to transition between clear and dark in seconds. This technology can be applied to a variety of windows, including those in commercial buildings, automotive sunroofs, and residential skylights. DynamicTint™ is a more sustainable alternative to traditional window treatments and offers benefits such as reducing carbon emissions. The company’s product is designed to be retrofitted to existing glass, making it an eco-friendly and cost-efficient solution. Crown is also supported by a robust patent portfolio and collaborates with leading manufacturers for mass production and distribution. To learn more, visit www.crownek.com

Safe Harbor Statement
This press release contains forward-looking statements that reflect Liqueous LP’s and Crown Electrokinetics’ current expectations regarding future events. These statements are subject to risks and uncertainties, and actual results may differ due to various factors. Neither company undertakes any obligation to update these forward-looking statements except as required by law.

Contact:
[email protected]

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