Friday, March 29, 2024
Hawai'i Free Press

Current Articles | Archives

Saturday, July 14, 2012
Creditors Demand $160M from Hoku Corporation
By News Release @ 12:12 AM :: 7747 Views :: Energy, Tax Credits

Related: Hoku Out of Cash in Nine Weeks, So Broke It Can't Write Annual Report

Hoku Corporation to Delist from the NASDAQ Global Market 

News Release from Hoku Corp
HONOLULU, HI -- (Marketwire) -- 07/13/12 -- Hoku Corporation (NASDAQ: HOKU) (the "Company) announced today that it intends to voluntarily terminate the listing of its common stock on The NASDAQ Global Market by filing a Form 25 with the Securities and Exchange Commission (the "SEC") on or about July 16, 2012. As previously announced, the Company is not in compliance with NASDAQ's continuing listing requirements due to its inability to maintain a $1.00 minimum bid price and to file its annual report on Form 10-K, and the Company expects its common stock to be delisted from The NASDAQ Global Market. To ensure an orderly delisting process, the Company has decided to voluntarily terminate the listing of its common stock on The NASDAQ Global Market by filing a Form 25 with the Securities and Exchange Commission (the "SEC") on or about July 16, 2012. On July 5, 2012, NASDAQ halted the trading of Hoku's common stock. NASDAQ has informed Hoku that the trading of its common stock on NASDAQ will remain halted until the delisting is completed upon the Form 25 filing.
About Hoku Corporation
Hoku Corporation (NASDAQ: HOKU) is a solar energy products and services company with two business units: Hoku Materials and Hoku Solar. For more information, visit www.hokucorp.com. Hoku, Hoku Solar, and the Hoku Corporation logo are trademarks of Hoku Corporation, and Hoku Materials is the trademark of Hoku Materials, Inc., all rights reserved. All other trademarks, trade names and service marks appearing in this press release are the property of their respective holders. ©Copyright 2012, Hoku Corporation, all rights reserved.
  *   *   *   *   *
Form 8-K for HOKU CORP

13-Jul-2012

Item 2.04. Triggering Events That Accelerate or Increase a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement.

The information set forth in Item 8.01 under the heading "Credit Agreements" below is incorporated by reference into this Item 2.04.



Item 8.01. Other Events.

Delisting from The NASDAQ Global Market

Hoku Corporation ("Hoku") intends to voluntarily terminate the listing of its common stock on The NASDAQ Global Market by filing a Form 25 with the Securities and Exchange Commission (the "SEC") on or about July 16, 2012. As previously announced, Hoku is not in compliance with NASDAQ's continuing listing requirements due to its inability to maintain a $1.00 minimum bid price and to file its annual report on Form 10-K, and Hoku expects its common stock to be delisted from The NASDAQ Global Market. To ensure an orderly delisting process, Hoku has decided to voluntarily terminate the listing of its common stock on The NASDAQ Global Market by filing a Form 25 with the SEC on or about July 16, 2012. On July 5, 2012, NASDAQ halted the trading of Hoku's common stock. NASDAQ has informed Hoku that the trading of its common stock on NASDAQ will remain halted until the delisting is completed upon the Form 25 filing.

 

Credit Agreements

In addition to the disclosures made in the Form 8-K filed with the Securities
and Exchange Commission on June 29, 2012, Hoku has received written notice that
the loans under the credit agreements listed below have been accelerated and are
immediately due and payable.  In each instance, the lender has advised Hoku that
it has or intends to draw against the letter of credit provided by Tianwei as
collateral for such loans.

  Date                                    Date of
of Credit     Lender       Principal     Receipt of
Agreement                    Amount     Acceleration
                                           Notice
          China
 October  Construction                    July 10,
19, 2010  Bank,           $29,000,000       2012
          Singapore
          Branch
                           Lesser of
          Bank of China, $30,000,000 or
February  New York       the aggregate  July 2, 2012
25, 2011  Branch           amount of
                           letter of
                             credit
          Industrial and
April 6,  Commercial
  2011    Bank of China   $15,000,000   July 9, 2012
          Ltd., New York
          Branch
                           Lesser of
          Bank of China, $15,000,000 or
 August   New York       the aggregate  July 2, 2012
16, 2011  Branch           amount of
                           letter of
                             credit
          Industrial and
 October  Commercial
 5, 2011  Bank of China   $13,600,000   July 6, 2012
          Ltd., New York
          Branch
                           Lesser of
          Bank of China, $22,110,000 or
 October  New York       the aggregate  July 2, 2012
12, 2011  Branch           amount of
                           letter of
                             credit
          Industrial and
November  Commercial
30, 2011  Bank of China    $5,800,000   July 6, 2012
          Ltd., New York
          Branch
          Industrial and
 January  Commercial                      July 11,
10, 2011  Bank of China   $19,500,000       2012
          Ltd., New York
          Branch
          Industrial and
 January  Commercial                      July 11,
11, 2012  Bank of China   $10,000,000       2012
          Ltd., New York
          Branch

.
Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT