Seriously struggling ‘development stage’ CIGS thin film-firm, DayStar Technologies has conducted its second reverse stock split since trading on the NASDAQ since 2007. The 1-for-7 reverse stock split of its common stock is designed to bolster its share value. DayStar had previously undertaken a reverse stock split in 2010.
The company had reported a net loss for the third quarter of 2011 of US$1.3 million, compared with a net loss of US$7.4 million in the third quarter of 2010. The company continues to trade as a ‘growing concern.’
Daystar expects to have approximately 1,582,044 shares of common stock issued and outstanding after the latest reverse stock split.