Emcore Corp To Transfer 40% Equity Interest In Suncore Photovoltaic Technology Co., Ltd. (Suncore) To San'An-Form 8-K


Thursday, 27 Jun 2013 04:30pm EDT 

Emcore Corp reported in its Form 8-K that on June 24, 2013, EMCORE Corporation (Company) and San'An Optoelectronics Co., Ltd. (San'An) entered into an equity transfer agreement pursuant to which the Company agreed to transfer its 40% equity interest in Suncore Photovoltaic Technology Co., Ltd. (Suncore) to San'An. Following the completion of the transfer, San'An will own 100% of the equity interests in Suncore. San'An agreed to pay the Company an aggregate consideration of $4,800,000 in cash for the Minority Interest. The value of the Minority Interest in Suncore was $0 on the Company's balance sheet at March 31, 2013. Under the terms of the Transfer Agreement, each of the parties agreed to indemnify the other for any losses incurred as a result of either party's breach of its obligations under the Transfer Agreement. Closing is subject to customary conditions, including Chinese regulatory approvals. The payment for the consideration will be made upon the completion of the share transfer, which is expected to occur early in the Company's fourth fiscal quarter. 

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