Hoku Scientific shares drop
Shares of Kapolei-based Hoku Scientific Inc. stock fell 76 cents to close at $4.44 a share on the Nasdaq National Market yesterday. That was one day after the fuel-cell technology company announced plans to raise $250 million to finance an expansion into solar-energy technology.
CYANOTECH GETS ANOTHER 180 DAYS
Kona-based Cyanotech Corp. yesterday said it was granted an additional 180-day grace period to meet the Nasdaq's minimum $1 bid requirement, or face delisting. If the company's stock does not close at at least $1 a share for a minimum of 10 consecutive business days by Nov. 27, it will be dropped from the Nasdaq Small Cap market to the OTC Bulletin Board.
Shares of the maker of microalgae-based nutritional products closed down 2 cents at 67 cents yesterday.
AIRLINE PARENT ADDS 5 TO BOARD
Hawaiian Airlines parent Hawaiian Holdings added five new board members yesterday, including Todd Budge, president of Japan-based lender Tokyo Star Bank Ltd.; local attorneys Crystal Rose and Sean Kim; pilot Eric Nicolai; and airline consultant William Swelbar.
The new board members join existing directors, who include airline Chairman Lawrence Hershfield, CEO Mark Dunkerley, Chief Financial Officer Randall Jensen, Arizona banker Gregory Anderson, former AMR Corp. CEO Donald Carty, local attorney Bert Kobayashi Jr. and retired Navy Adm. Thomas Fargo.
DELTA PILOTS ACCEPT PAY CUTS
Delta Air Lines yesterday cleared a big hurdle in its nine-month-old bankruptcy reorganization when pilots accepted pay cuts that will save $280 million a year.
The pilots union announced members agreed to a 14 percent pay reduction, various benefit cuts and changes in work rules through 2009.