EMCORE Corp., a provider of semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets, has completed the first closing of a two-step transaction involving the sale of its remaining interests in WorldWater & Solar Technologies Corp.
The company recently sold 1,446,428 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 $5.7 million, and expects to complete the second closing, for an additional $5.7 million, within the next 90 days.
In November 2006, EMCORE purchased 4,892,857 shares of WorldWater Series D preferred stock and 505,044 warrants. Upon completion of the second closing with The Quercus Trust, EMCORE will realize a 75% return on its WorldWater investment.
SOURCE: EMCORE Corp.