EMCORE Corporation (NASDAQ: EMKR) has announced after the close of trading that the company has agreed to sell 2,000,000 shares of Series D Preferred Stock of WorldWater & Solar Technologies Corporation (OTC Bulletin Board: WWAT.OB).
It has sold this along with 200,000 Warrants, to The Quercus Trust, a major shareholder of both EMCORE and WorldWater, at a price equal to $6.54 per share of the Series D Preferred Stock. The Series D Preferred Stock is convertible into WorldWater Common Stock at a ratio of 10 to 1, and each of the Warrants entitles the holder to purchase a share of Series D Preferred Stock for a price of $3.17 per share.
The sale will take place through two different closings, one for 1,000,000 shares and 100,000 warrants, which closed on Friday, June 27, 2008, and one for an equal number of shares and warrants which should close before July 31, 2008. The company has noted that the total proceeds from the sale should approximate $13.1 million.
Emcore had a tough day with shares closing down some 13% at $6.26, with a 52-week trading range of $5.31 to $15.90. To put the size of this in perspective, Emcore’s market cap is $484 million after today’s sell-off.
Jon C. Ogg
June 30, 2008
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