Motech, a Taiwanese PV cell manufacturer, announced to recognize TSi’s revenue starting from June 1st, one month ahead of the pre-scheduled effective date of their merger, July 1st.
Motech announced to merge Topcell Solar International (TSi) in last December. Six TSi common share would be swapped for one Motech newly issued share. After the merger becomes effective, Motech will have 3GW of PV cell production capacity and become one of the world’s largest PV cell manufacturers. The merger was initially scheduled to become effective on July 1st, 2015, but the two companies decided to move forward the date by 30 days.
According to Motech’s representative, the merger has received approvals from the regulatory. The boards of directors of both companies therefore agreed to move the closing date forward to June 1st for advancing collaborative performance.