The company recently sold 1,446,428 shares of WorldWater Series D Convertible Preferred Stock and 152,522 Warrants to purchase shares of Series D Convertible Preferred Stock to The Quercus Trust for approximately $5.7 million and expects to complete the second closing, for an additional $5.7 million, within the next 90 days.
In November 2006, Emcore purchased approximately 4.9 million shares of WorldWater Series D Preferred Stock and 505,044 Warrants. Upon completion of the second closing with The Quercus Trust, Emcore will realize a 75 percent return on its WorldWater investment.
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