Daystar Deal Falls Through (DSTI) – October 20, 2009
It seems solar company Daystar (DSTI) can’t do anything right these days and the company remains in disarray. A couple of weeks ago, the stock got a pop to around the buck level on news it would merge operations with EPOD solar. It appeared for a bit that the stock would get out of the cellar, but the rally stalled out and this morning any optimism was squashed with the announcement of the EPOD agreement being terminated and the new CEO(head of EPOD) resigning. DayStar’s board thought that terminating the arrangement was in the best interest of shareholders. Yes, a 20% drop and a new all-time low are great for shareholders! Job well done. Its time to appoint a monkey to CEO and all board positions because the results might be the same but at a much lower cost.
The company plans to pursue other financing options and strategic relationships in addition to the $125 million Loan Guarantee App with the Dept of Energy which it filed last month. The current CFO, William Steckel will take over CEO duties as well.
The stock continues to trade around the lows of the day at .50/share.