Evergreen Solar Stock Falls After Reverse Split

By Boston Business Journal

On the first day of trading since enacting a reverse stock split, shares in Evergreen Solar Inc. (Nasdaq:ESLRD) were down about 4 percent as of noon Monday.

The Marlborough, Mass.-based solar technologies company implemented a 1-for-6 reverse stock split on Saturday in a move to boost its share price above the $1 minimum requirement for the Nasdaq Stock Market.

The stock had closed at 58 cents on Friday, but when adjusted for the reverse split, the closing stock price was listed at $3.50. Shares in the company were down 15 cents at noon on Monday.

The reverse stock split is part of Evergreen⿿s recapitalization plan, ⿿which is intended to align the company⿿s capital structure with its current business model and to better position the company for future growth,⿝ Evergreen said in a press release.

The reverse split was previously approved by shareholders last July. Shares will trade under the symbol ESLRD for 20 days, but will revert to ESLR after that, Evergreen said.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/boston/news/2011/01/03/evergreen-solar-stock-falls-after.html?ana=thestreet

Copyright bizjournals.com 2010

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