POSTED: 09:35 a.m. HST, Jul 05, 2012
LAST UPDATED: 09:44 a.m. HST, Jul 05, 2012
The Nasdaq Stock Market halted trading for shares of cash-strapped Hoku Corp. today and sought unspecified “additional information” from the company.
Hoku’s shares were 10 cents a share when trading was suspended. Nasdaq officials said trading would remain halted until Hoku “has fully satisfied Nasdaq’s request” for the information.
Meanwhile, officials from Honolulu-based solar energy company Hoku Corp. said in a new regulatory filing that they do not expect to file an annual report for the past fiscal year due to financial difficulties at the struggling company.
Hoku missed a June 29 deadline to file its annual “Form-10-K” report with the Securities and Exchange Commission. Hoku announced a restructuring plan in May to address its “limited cash and resources.”
“Consequently, the company has not and does not have sufficient resources to prepare its annual report on Form 10-K for the fiscal year ended March 31, 2012,” according to the filing. “In addition, the company does not expect to file the Form 10-K in the future due to its lack of resources.”
Hoku Corp. in May halted construction at its $700 million Idaho polysilicon plant and laid off 100 workers there. The company has suffered from falling prices for polysilicon, one of the main components used in photovoltaic panels.