Crown ElectroKinetics Corp. announced that entered into a securities purchase agreement with certain accredited investors as purchasers for aggregate proceeds of $1,200,000 of senior secured notes and 2,500,000 warrants in funding on January 3, 2023. The senior notes were issued with an original issue discount of 20%, do not bear interest, and mature three months from the date of issuance.

The warrants are exercisable for five years at an exercise price of $0.322, subject to adjustment under certain circumstances described in the warrants. The company will issue securities pursuant to exemption provided under Regulation D.