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Saturday, July 14, 2012 |
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Creditors Demand $160M from Hoku Corporation
By News Release @ 12:12 AM :: 10581 Views :: Energy, Tax Credits
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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
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.
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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
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 By Hawaii Free Press @
Saturday, July 14, 2012 5:38 PM
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By Hawaii Free Press @
Tuesday, July 17, 2012 3:11 AM
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