Honolulu-based Hoku Corp. has deregistered its shares with the Securities and Exchange Commission, a move that eliminates most regulatory reporting requirements for the financially troubled solar energy company.

Hoku officials filed a "Form 15" with the SEC on Friday, which served as notice that the company is terminating the registration of its shares with the SEC. The filing also suspended Hoku’s duty to file certain reports with the SEC for a period of 90 days, with the exception of insider transaction and beneficial ownership reports. After that 90-day period, all reporting obligations will cease.

Hoku reported it had 138 shareholders of record as of the filing.

Hoku Corp. has suffered from financial difficulties at its Hoku Materials subsidiary that halted construction on a $700 million polysilicon plant in Idaho in May. A worldwide glut of polysilicon has pushed down prices for the commodity, one of the main components used in photovoltaic panels.

The spot price for polysilicon fell to $20.33 per kilogram in August from a peak of $475 a kilogram four years ago, according to Bloomberg data.

Hoku Chief Executive Officer Scott Paul resigned from the company in June, at which time the company announced it was looking for a buyer for its profitable photovoltaic installation company, Hoku Solar.

Hoku was forced to sell a majority stake to a Chinese firm in September 2009.

The company, Tian­wei New Energy Holdings Co., injected fresh capital into Hoku but could not overcome the negative impact of falling polysilicon prices.

Hoku shares closed at 8 cents Monday in over-the-counter trading, unchanged from Friday.