Taiwan Stock Exchange has announced decision to delist shares of Green Energy Technology, a polysilicon wafer manufacturer, effective May 2, following report by the company that its assets have become negative.
At a press conference on March 20, Green Energy, a subsidiary of Tatung Co., Ltd., attributed the company's plight to its failure to cope with drastic fluctuation of the solar energy industry via transformation of operation, which, plus reduction and loss of assets, has made its net worth negative, as listed in the 2018 financial statement.
To facilitate its transformation, the company will reduce polysilicon capacities and inventories, downsize workforce, and sell idled factory buildings, to lower financial burden and improve financial structure.
The company's net worth had dropped to -NT$5.53 per share, following after-tax loss of NT$3.9 billion, or NT$8.56 per share, in the fourth quarter of 2018, according to its financial statement.
(Collaborative media: TechNews, first photo courtesy of corporate website)