The sudden surge in volume comes on the heels of a recent announcement that the Chinese solar energy company has been suspended from trading on the NYSE and is currently trading on the OTCQB.
Here is an excerpt from LDK Solar’s press release:
LDK Solar Co., Ltd. in provisional liquidation ("LDK Solar" or the "Company") and its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, today provided additional information on its request for a review of the decision made on Mar. 31, 2014 by the staff of NYSE Regulation, Inc. ("NYSE Regulation") to suspend trading of the Company's American depositary shares ("ADSs") on the New York Stock Exchange (the "NYSE") and to commence delisting proceedings.
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A date has now been set for Jun. 26, 2014 for a review hearing before a Committee of the Board of Directors of NYSE Regulation (the "Committee"). There is no assurance that the NYSE Regulation decision will be overturned in connection with the review process.
In its hearing request, LDK Solar also disclosed certain financial information to the NYSE relating to its fourth quarter ended December 31, 2013 based on the Company's unaudited management accounts, subject to adjustments and finalization, as follows:
"For the third fiscal quarter ended September 30, 2013 and the fourth fiscal quarter ended December 31, 2013, the Company recorded 36.5% and 74.4%, respectively, in sequential revenue growth on a quarter-by-quarter basis, and a sequential reduction in net losses of 30.2% and 22.0%, respectively, on a quarter-by-quarter basis, primarily due to increased demand for the Company's products from domestic and international solar markets. More specifically, the Company recorded net sales of $273.1 million for the fourth quarter, as compared to $156.6 million and $114.7 million for the third and second quarters of fiscal 2013, respectively, and a net loss of $104.1 million for the fourth quarter, as compared to $127.0 million and $165.3 million in net losses, respectively, for the third and second quarters of fiscal 2013."
On Apr. 21, LDKSY’s share price closed at 48 cents, down 6 cents from its closing price of 54 cents the previous day.
Andalay Solar Inc.’s Board Names New CEO
Andalay Solar Inc. (OTCQB: WEST) share volume soared Apr. 21, with 5,279,975 shares changing hands, significantly higher than its three-month average volume of 3,227,713 shares.
The uptick in volume is being fueled in part by the San Jose, Calif.-based solar panel company’s announcement that its Board of Directors has appointed Steven Chan as ceo and president, effective Apr. 22, 2014.
Chan will be tasked with the full commercialization of the Andalay Solar product offering and deepening its distribution globally in addition to many initiatives the Board has presented him.
"As a solar industry veteran with years of experience at NRG Energy, GCL-Poly Energy Holdings Limited and Suntech Power Holdings Co., Ltd, the Board believes this appointment to be a critical step in the furtherance of the Andalay product line," the company said in a written statement.
Some of New CEO’s Credentials
Prior to his appointment as ceo and president of Andalay Solar, Chan, age 46, served as the vice president of NRG Energy from May 2012 to November 2013 serving as head of residential solar for its NRG Residential Solar Solutions business.
Chan created the strategy and built a team and operation to enable NRG to become a leader in residential solar lease financing. This included raising over $100 million of solar lease funding, selling residential solar leases to NRG's retail electric customers and creating a NRG-branded dealer program of qualified installation partners to market to homeowners throughout the United States.
Chan served as EVP, Strategy and System Sales at GCL-Poly Energy Holdings Limited from September 2011 to May 2012 where he helped to build out a system sales division for GCL in North America including establishing and serving as a board member at Sunora Energy Solutions, a joint venture with NRG Energy to focus on utility and commercial solar installations.
From 2006 until 2011 he held various positions at Suntech Power Holdings Co., Ltd., which included serving as the President of Suntech America and as Suntech's President of Global Sales and Marketing, Chief Strategy Officer and VP Business Development. At Suntech, Chan was instrumental to building the US and European teams and sales channels that enabled Suntech to achieve #1 global market share including selling over 20+% of all modules sold in North America in 2011 with 500MW sold up exponentially from 25MW in 2007.
On Apr. 21, WEST’s share price closed at 3 cents, up 1 cent from its closing price of 2 cents the previous day.
Liquidmetal Technologies Inc. Generates 1 Million in Revenue for Year Ending 2013
California-based alloy maker Liquidmetal Technologies Inc.’s (OTCQB: LQMT) reported its financial results for the fiscal year ended Dec. 31, 2013.
The company lost about $14 million on revenue of 1 million compared with a loss of $14 million on revenue of $650,000 for the same time period a year before.
Liquidmetal spun the financial results as being positive and failed to mention its overall loss in its press release.
Here are the positive highlights as viewed by the company:
- In 2013, 18 prototype shipments were delivered to customers in the aerospace/defense, medical and other industries, which was up 80% from 2012.
- During Q4, the Company increased the authorization for available shares from 500M to 700M and secured a $20 million equity line of credit under a common stock purchase agreement. Utilizing this equity line facility, the Company has raised $3M during Q1 2014.
- During Q4, the company announced the commercial availability of our first non-beryllium based alloy, LM 105. This offers, for the first time, customers and licensees access to the same great material qualities of earlier alloys, without the special handling precautions necessary for beryllium containing materials.
- At year end, the company's IP portfolio included 53 owned or licensed U.S. patents, with an additional 54 patent applications pending. Its patent applications relate to the composition, processing, and application of Liquidmetal alloys.
- We have appointed Paul Hauck as VP of World-Wide Sales and Support effective March 3, 2014. Paul comes to Liquidmetal with a 30-year background in the field of powder metallurgy, including 27 years in Metal Injection Molding (MIM). Paul has been behind the development and growth of MIM start-ups and was a 2013 Distinguished Service to Powder Metallurgy award recipient. He also served 3 terms as the Metal Injection Molding Association President and served 3 terms on the Metal Powder Industries Fed
On Apr. 21, LQMT’s share price closed at 23 cents, up 3 cents from its closing price of 20 cents the previous day.
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