EMCORE Corp., a provider of semiconductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, has completed the second closing of a two-step transaction involving the sale of its remaining interests in WorldWater & Solar Technologies Corp., which is now named Entech Solar Inc.
In the second closing, the company sold approximately 1.4 million shares of WorldWater Series D convertible preferred stock and 152,522 warrants to purchase shares of Series D convertible preferred stock to The Quercus Trust for approximately $5.9 million. This step completes the divestment of all of EMCORE's equity interests in WorldWater, EMCORE says.
With the completion of this last sale in a series of four sales transactions, EMCORE has realized a 75% return on its investment in WorldWater securities. Based on this transaction and changes in WorldWater's business plan, EMCORE has terminated the operational agreements between EMCORE and WorldWater.
SOURCE: EMCORE Corp.