PV machinery maker Spire ponders sale of company, assets
Solar panels. Author: University of Salford Press Office. License: Creative Commons. Attribution 2.0 Generic
US solar module manufacturing equipment maker Spire Corp (OTCMKTS:SPIR) said Monday it is exploring strategic alternatives, including a potential sale of the company or just some of its assets.
For the purpose, Spire has appointed investment bank Mirus Capital Advisors as its consultant during the process. The company noted that there is no certainty this strategic review would result in an acceptable transaction.
The Massachusetts-based photovoltaics (PV) machinery supplier has been having difficulties funding its operations over the past months. In August, Spire said in a filing with the Securities and Exchange Commission (SEC) that its lack of sufficient cash resources and financing, as well as the delays in product shipments and the now stricter payment terms from certain suppliers are continuing to constrain its liquidity and operations.
This and the fact that the company has had no full-time chief financial officer since January 2015, explain why it failed to complete its financial statements for the period ended June 30, 2015.
The last financial report issued by the company was for the nine months ended September 30, 2014, and showed a net loss attributable to common stockholders of USD 5.9 million (EUR 5.3m), or USD 0.69 apiece.
Spire has not paid any dividends in 2013 and 2014 as it used all available resources to develop its business.