Evergreen Solar Ponders Stock Split $ESLR

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I’ve been saying for awhile now that Evergreen Solar (ESLR) is a good candidate for going out of business or being bought out at fire sale prices.  Nothing has changed.  The companystill burns through cash and is months away from getting manufacturingoperations going at full speed in China.  Time is running out and thefirst step to extinction is a delisting from the Nasdaq. 

Having traded under a buck for the past month, it’s in danger ofbeing removed so the company has asked shareholders to approve a 1:6reverse split at the shareholder meeting July 27th.  Of course that just buys the company a little time which they’ll need considering theyaren’t expected to even come close to profitability until at least 2012.

Not only is the company running out of time to get its Chinaoperations running at full speed, but Raymond James points out they are heavily exposed to thesliding Euro and get 84% of revenues from Europe.  If you think theEuro will rebound and they will get their China operations runningquickly, then ESLR may not be a bad lotto ticket,  but I’m not touchingthis company down here. 

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Evergreen Solar’s (ESLR) Last Gasp? Pursuing Reverse Stock Split





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