Solar 3D – Recent Events
Quick summary of facts:
CEO has control of the company until NASDAQ listing or whenever he feels like giving it up; (control gained via issue of preference shares giving him majority voting rights)
First use of control was to change company incorporation to allow for a reverse split (RS) in the range 15 – 40 / 1 a via board vote
RS could happen up until the end of 2015 (or not at all)
RS form does not rule out NYSE listing
Some Company Risk Factors sourced from the recent S3 form:
“The fragmented market with many small to medium-sized companies is consistent with other markets in which well managed companies have been able to combine a number of similar companies with like-minded management in to a larger and stronger competitor. This is our strategy. We are currently seeking to identify our highest quality competitors and approach them with the potential of proposing that we acquire them. Our ability to execute that strategy is dependent on finding, and financing, the type of company that will complement our existing business and help strengthen organic growth. There is currently little competition in the business of consolidating companies in the solar systems business, but we anticipate that that will change within a short period of time. There is not guarantee that we will find additional companies to acquire.
The market for solar cell technology is highly competitive. There are many companies throughout the world that manufacture solar cell arrays using existing technology and several other companies pursuing new methods to produce more energy efficiency using photovoltaic structures. Additionally, researchers at universities worldwide are currently working on new means to increase photovoltaic efficiency. Many of these competitors have longer operating histories, greater name recognition, larger installed customer bases, and substantially greater financial and marketing resources than we do. Our ability to compete successfully in this field will depend upon our completion of development of our proprietary technique for production of more efficient solar cells and the adoption of our technology by major manufacturers in the field. We cannot assure that we will be able to compete successfully in the solar cell technology industry, or that future competition will not have a material adverse effect on our business, operating results, and financial condition. “
