10 April 2012

CIGS PV firm DayStar’s shareholders approve reverse stock split

DayStar Technologies Inc of Santa Clara, CA, USA, which develops copper indium gallium diselenide (CIGS) thin-film photovoltaic modules, says that its stockholders have approved the 1-for-7 reverse stock split of its common stock (announced on 27 March). The stock will begin trading on NASDAQ on a split-adjusted basis when the market opens on 9 April.

The reverse split will reduce the number of shares of common stock outstanding from about 11 million shares to about 1.6 million. Proportional adjustments will be made to DayStar’s outstanding stock options and other equity incentive awards, and its equity compensation plans. The firm’s authorized shares will remain unchanged.

Upon execution of the reverse split, shareholders will receive one new share of common stock for every seven shares held. Record holders of DayStar’s common stock will receive a letter of transmittal shortly after the effective date with instructions for the exchange of stock certificates. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. Computershare will act as the exchange agent.

DayStar will not issue fractional shares as a result of the reverse stock split. Any fractional shares will be rounded up to the next whole number.

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Tags: DayStar CIGS

Visit: www.daystartech.com