Tuesday January 20, 4:05 pm ET
ALBUQUERQUE, N.M., Jan. 20 /PRNewswire-FirstCall/ — EMCORE Corporation (EMKR) a leading provider of semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets, announced today that it has completed the second closing of a two step transaction involving the sale of its remaining interests in the company formerly named WorldWater & Solar Technologies Corporation (WWAT), now named Entech Solar, Inc. In the second closing, the Company 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 $5.9 million. This completes the divestment of all of EMCORE’s equity interests in WorldWater. 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.
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