News

2 June 2010

 

NASDAQ to continue listing CIGS PV firm DayStar

On 27 May, DayStar Technologies Inc of Newark, CA, USA, which is developing copper indium gallium diselenide (CIGS) thin-film photovoltaic products, received a letter from the NASDAQ Stock Market confirming that it has met the requirements of the NASDAQ Hearings Panel’s decision of 9 April, and accordingly the panel has determined to continue listing the firm’s securities.

“Our continued listing on the NASDAQ Stock Market enhances shareholder value,” believes CEO Magnus Ryde (who replaced interim CEO & chief financial officer William Steckel in February).

“We are very appreciative of our shareholders who participated in our annual meeting on 23 April and approved the reverse split,” Ryde adds. The 1-for-9 reverse split of the firm’s common stock was subsequently approved by its board of directors and became effective on 12 May, with the stock trading on a split-adjusted basis under the temporary trading symbol ‘DSTID’ (but due to revert to ‘DSTI’ after about 20 trading days).

The reverse split reduced the number of shares outstanding from about 36 million to about 4 million. Proportional adjustments were made to DayStar’s outstanding stock options and other equity incentive awards, and its equity compensation plans. 

Ryde describes the reverse stock split as crucial to positioning the firm to retain its NASDAQ listing.

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Visit: www.daystartech.com