Hoku to offer $54M in shares
Hoku Scientific will offer up to $54 million in shares to raise money for its polysilicon production plant.
The Kapolei-based technology company (Nasdaq: HOKU), in a filing with the Securities and Exchange Commission on Thursday, said it would offer the shares through a distribution agreement with UBS Securities. The agreement allows Hoku to sell its shares to the market from time to time at market price.
Hoku said it will pay UBS a commission equal to 4 percent of the gross sales price per share of shares sold under the agreement no fax payday loans.
Proceeds of the sales will be used to reach the company’s milestones for its polysilicon production plant in Pocatello, Idaho.
Shares of Hoku stock closed down 7 percent to $6.19.
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