Meyer Burger Plans 750:1 Reverse Split to Attract Investors
- Meyer Burger plans 750:1 reverse stock split to boost investor interest amid European solar market challenges. AGM on June 25 to vote on proposal and board re-election.
Meyer Burger Technology AG is planning a 750:1 reverse stock split in an effort to attract more investors after its market value was hit hard by the turmoil in the European solar manufacturing market. The proposal aims to raise the nominal value per share from CHF 0.01 to CHF 7.50.
The Swiss manufacturer's stock has plummeted over the past year, prompting the company to focus its growth efforts on the US market and abandon expansion plans in Germany. Meyer Burger raised CHF 206.8 million through a rights issue to fund the completion of solar manufacturing facilities in Colorado and Arizona, each with a capacity of 2 GW. The annual general meeting is set for June 25, where shareholders will vote on the reverse stock split and the re-election of the board of directors, including chairman Franz Richter.
Why is Meyer Burger planning a 750:1 reverse stock split?
- Meyer Burger is planning a 750:1 reverse stock split to increase the nominal value per share from CHF 0.01 to CHF 7.50.
- The company's stock has suffered due to the turmoil in the European solar manufacturing market, prompting the need for a reverse stock split to attract more investors.
- Meyer Burger is shifting its focus to the US market and has abandoned expansion plans in Germany in order to drive growth.
- The company raised CHF 206.8 million through a rights issue to fund the completion of solar manufacturing facilities in Colorado and Arizona, each with a capacity of 2 GW.
- Shareholders will vote on the reverse stock split and the re-election of the board of directors, including chairman Franz Richter, at the annual general meeting on June 25.
