Energy Conversion completes tender offer

AP News
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Posted: Nov 11, 2009 5:44 PM

Solar-products maker Energy Conversion Devices Inc. said Wednesday employees agreed to tender most of the restricted stock units covered by a recent offer.

The company said 62 employees, representing 97 percent of the covered units, accepted the offer.

The employees will exchange units issued in 2008 that were subject to the company hitting capacity and gross-margin goals by the end of fiscal 2012.

Energy Conversion said the new units were "substantially the same" as the old ones, with shares vesting in November 2012 for employees still working for the company.

The offer expired Tuesday night.

Shares of Energy Conversion fell 6 cents to $10.60 in regular trading, and another 3 cents to $10.57 in extended trading.