Hoku Scientific sub extends contract with Sanyo ElectricHoku Materials, Inc., a subsidiary of Hoku Scientific, Inc. (Nasdaq: HOKU), a manufacturer polysilicon for the solar market, reported this morning that it has elongated its contract with Sanyo Electric Co., Ltd. to 10 years from seven years increasing the value of the contract to approximately $530 million, from approximately $371 million. Under the amended contract, Hoku Materials will begin shipments to Sanyo by the beginning of 2010; however, the agreement also provides that Hoku Materials may ship product to Sanyo in 2009. Hoku Materials said it and Sanyo also agreed to extend the date on which either party may terminate the supply agreement if Hoku Materials is unable to complete the financing for its polysilicon production plant to May 31, 2008. The amendment also extends the dates when Sanyo may terminate the agreement if Hoku Materials is unable to complete the various polysilicon production, testing, process implementation and shipment milestones. Investors cheered, sending shares of parent company, Hoku Scientific (HOKU), up 3.9%, or $0.35, to $9.42 on heavy volume in pre-market trading. Shares of Hoku Scientific have been trading in the range of $4 to $14.88 for the past 52 weeks.
Monday small-cap pre-market volume leaders: VIVUS Inc., Hoku Scientific Inc., Rural Cellular Corp.
VIVUS, Inc. (Nasdaq: VVUS), Hoku Scientific Inc. (Nasdaq: HOKU) and Rural Cellular Corp. (Nasdaq: RCCC) are among the most actively traded companies in Monday pre-market trading among those with market capitalizations under $500 million:
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Jones Soda Co. leads Monday small-cap pre-market volumeThinkEquity reportedly raised its ratings on Jones Soda Co. (Nasdaq: JSDA) to “buy” from “accumulate.” Formula Systems (Nasdaq: FORTY) is selling its 46% interest in software maker BluePhoenix Solutions (Nasdaq: BPHX) to a group of international institutional investors for $8.80 per share, which is a 9% discount from Friday’s closing price. OC Oerlikon AG and Microvision, Inc. (Nasdaq: MVIS) reported the companies are collaborating to bring an ultra-miniature display technology to market, with a variety of opportunities for automotive and consumer applications. Investment bank C.E. Unterberg, Towbin reiterated its “buy” rating for Ceragon Networks Ltd. (Nasdaq: CRNT) and set a target price of $14 per share. spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
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