Why Crown Electrokinetics (CRKN) Stock Is Nosediving

Crown Electrokinetics Ord Shs CRKN shares are trading lower by 15.7% to $2.20 Tuesday morning after the company effected a 1-for-60 reverse stock split.

The reverse stock split at a ratio of 1-for-60 shares was approved by the company's Board of Directors through unanimous written consent on August 11 and the company's stockholders at the Annual Meeting which was held on August 11.

The reverse stock split uniformly impacts all stockholders without changing their proportional ownership in the company's common stock, except for potential adjustments due to fractional shares.

According to data from Benzinga Pro, CRKN has a 52-week high of $2.47 and a 52-week low of $0.05.