“How much longer can Hoku Corp keep the tsunami of debt, liabilities, liens, foreclosures and material breaches of contract at bay? What’s the delay in filing for bankruptcy protection? I believe that it may be driven by their energetic attempts to sell their solar subsidiary before the much tighter restrictions on selling assets that would come under bankruptcy.”-Marco Mangelsdorf, ProVision Solar
Hoku Corporation, parent company of failed Hoku Materials in Pocatello, Idaho, voluntarily de-listed itself from NASDAQ, and will probably file chapter 11 bankruptcy.
On 29 June it was reported that Hoku Corp had enough cash for only nine weeks of operation!
“If Hoku is unable to secure additional financing, it believes it will need to seek protection in bankruptcy from its creditors and to liquidate and wind-down Hoku and Hoku Materials. “-Hoku SEC statement, 25 June 2012
Officials also said they were unable to complete required financial reports and would miss the filing deadline for the end of the fiscal year.
At the beginning of July 2012, Hoku Corp announced it would voluntarily de-list from NASDAQ. This after NASDAQ stopped trading of Hoku stocks, after share price fell to below $1.00 back in December 2011. Hoku said their de-listing would take place on 10 July.
Now, Hoku has been trading as a penny stock, and as of 17 July was worth only 4 cents per share!