EMCORE plummets more than 20% after announcing sale of WorldWater shares
EMCORE Corporation (Nasdaq:EMKR) shares tanked more than 20% on Tuesday after Monday’s late news that the Albuquerque-based company will sell 2 million shares of its WorldWater & Solar Technologies Corp. (OTC:WWAT) preferred stock. The sale will have two closings, the first of which took place on June 27; the second will be on July 31. The semiconductor-based components and subsystems provider said it expects about $13.1 million in total proceeds from the sale. Also on Monday, an analyst at Canaccord Adams downgraded EMCORE to “hold” from “buy” and cut the price target to $7 from $9.
On Tuesday, EMCORE shares fell to $5, down about $1.26 or 20.1% from Monday’s close. The shares hit a 52-week low.
On Tuesday, EMCORE shares fell to $5, down about $1.26 or 20.1% from Monday’s close. The shares hit a 52-week low.
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