Hoku (PINK:HOKU)

Delisting from The NASDAQ Global Market

Hoku Corporation (“Hoku”) intends to voluntarily terminate the listing of its common stock on The NASDAQ Global Market by filing a Form 25 with the Securities and Exchange Commission (the “SEC”) on or about July 16, 2012. As previously announced, Hoku is not in compliance with NASDAQ’s continuing listing requirements due to its inability to maintain a $1.00 minimum bid price and to file its annual report on Form 10-K, and Hoku expects its common stock to be delisted from The NASDAQ Global Market. To ensure an orderly delisting process, Hoku has decided to voluntarily terminate the listing of its common stock on The NASDAQ Global Market by filing a Form 25 with the SEC on or about July 16, 2012. On July 5, 2012, NASDAQ halted the trading of Hoku’s common stock. NASDAQ has informed Hoku that the trading of its common stock on NASDAQ will remain halted until the delisting is completed upon the Form 25 filing.

NEW YORK, July 5, 2012 (GLOBE NEWSWIRE) -- The NASDAQ Stock Market^® (Nasdaq:NDAQ) announced that trading was halted today in Hoku Corporation (Nasdaq:HOKU) at 09:27:42 a.m., Eastern Time, for "additional information requested" from the company at a last price of $0.10.

Trading will remain halted until Hoku Corporation has fully satisfied NASDAQ's request for additional information.

As previously disclosed in the Form 10-Q for the Quarterly Period ended December 31, 2011 (the “Form -10-Q”) of Hoku Corporation (the “Corporation”), the Amended and Restated Supply Agreement dated as of February 26, 2009, as amended on November 25, 2009, December 18, 2010 and September 19, 2011 (the “Supply Agreement”) between Hoku Materials, Inc. (“Hoku Materials”), a wholly-owned subsidiary of the Corporation and Jinko Solar Co., Ltd. (“Jinko”) required Hoku Materials to refund a portion of Jinko’s $20.0 million deposit on a monthly basis for the period from September 2011 to June 2012. Hoku Materials did not make all of these payments to Jinko. On June 13, 2012, Hoku Materials and the Corporation received a notice (the “Notice”) from Jinko stating that Jinko exercised its right to terminate the Supply Agreement because Hoku Materials failed to make these payments to Jinko.

POCATELLO, ID--(Marketwire - May 22, 2012) - Hoku Corporation (NASDAQ: HOKU) (the "Company"), a solar energy products and services company, today provided an update on its business.

The Company confirmed that it had substantially reduced construction activities at the polysilicon production facility of Hoku Materials, its subsidiary, in December 2011, and by April 2012, all construction contractors had stopped work. The facility is not yet in commercial operation.

The Company announced that as of March 31, 2012, its preliminary estimates of cash, other current assets and current liabilities was approximately $7.7 million, $6.7 million, and $278.8 million, respectively. The current liabilities include approximately $74.4 million of accounts payable at Hoku Materials. Due to the delinquency of unpaid construction obligations, liens have been filed against the Hoku Materials polysilicon plant, and some lienholders have begun foreclosure proceedings in the Idaho courts.

The Company announced that it received an additional loan from China Merchant's Bank, New York Branch, which is secured by a cash collateralized letter of credit drawn by Hoku's parent company, Tianwei New Energy Holdings Co., Ltd. ("Tianwei").

"The proceeds of the loan are insufficient to pay down current liabilities, resume construction, or start commercial operations," said Scott Paul, CEO of Hoku Corporation. "The loan proceeds will be used to fund working capital requirements while we plan for a restructuring of our liabilities, and the liabilities of our subsidiary Hoku Materials, Inc. We have retained Imperial Capital as our financial advisor to assist with this restructuring effort."

In the meantime, Hoku Materials reported that it has terminated approximately 100 of its Pocatello plant employees. This reduction in force is necessary to conserve cash while the Company pursues restructuring alternatives.

In addition, the Company reported that it has ceased business activities and terminated all staff at Tianwei Solar USA, Inc., the wholly owned subsidiary formed to market and sell Tianwei's modules in North America, and that Hoku Solar would continue to seek opportunities to sell Tianwei's modules in this market.

Commenting on Hoku Solar, the Company's wholly owned subsidiary that markets and installs turnkey photovoltaic systems and provides related services, Paul said, "We do not intend to restructure Hoku Solar, as it is operated as a standalone business, which supports its operating cash requirements from sales revenue. Hoku Solar is actively working on several of the largest utility-scale photovoltaic projects in the State of Hawaii, and fully intends to continue delivering its investment-grade PV™ solutions to its current customers, while continuing sales and marketing activities."

HONOLULU, HI--(Marketwire - Mar 22, 2012) - Hoku Solar, Inc., a wholly owned subsidiary of Hoku Corporation (Hoku) (NASDAQ: HOKU) that delivers investment-grade solar energy facilities for commercial, institutional and utility clients, today announced the signing of an agreement with a subsidiary of Alexander & Baldwin, Inc. (A&B), to design and build the 7.2 megawatt Port Allen Solar Farm for A&B on the island of Kaua'i, Hawaii.

Hoku Solar will partner with Helix Electric, Inc., one of the largest electrical contractors in the U.S., to construct the photovoltaic facility, which is expected to be placed in service in late 2012. A&B selected the Hoku-Helix project team via competitive bid. Power generated by the Port Allen Solar Farm will be sold by A&B to the island's electrical utility company, Kaua'i Island Utility Cooperative (KIUC) under a 20-year agreement recently approved by the Hawai'i Public Utilities Commission.

Scott Paul, Hoku Corporation's chief executive officer, shared his enthusiasm for this project: "Alexander & Baldwin's investment in solar energy marks another important milestone along Hawai'i's path toward clean energy, and Hoku Solar is proud to have been selected to design and build this solar farm. We have invested heavily in Hoku Solar's utility-scale PV capabilities over the last several years, and we look forward to bringing our local team and expertise to bear on this flagship project."

Chris Benjamin, president of the Alexander & Baldwin Land Group, commented: "The Port Allen Solar Farm is a very important project for A&B -- and for Kaua'i -- and we're pleased to be working with the experienced teams at Hoku Solar and Helix Electric to bring the facility to life."

In December 2011, Hoku Solar delivered the Kapolei Sustainable Energy Park, a 1.18 megawatt solar energy facility developed by Forest City Sustainable Resources. The project is the first -- and, currently, the largest -- utility-scale PV facility on O'ahu.

HONOLULU, HI--(Marketwire - Mar 5, 2012) - Hoku Corporation (NASDAQ: HOKU) (the "Company"), a solar energy products and services company, announced today that it filed its Form 10-Q for the period ended December 31, 2011 (the "Form 10-Q") with the Securities and Exchange Commission (the "SEC"), thereby regaining compliance with NASDAQ Listing Rule 5250(c)(1). The notification of non-compliance that was received on February 23, 2012, no longer has any effect on the listing or trading of the Company's common stock on the NASDAQ Global Market.

As previously reported by the Company, the filing of the Form 10-Q was delayed because the Company was analyzing whether the recent declines in the market price for polysilicon had impacted the carrying value of its polysilicon plant and whether the carrying value was fairly stated in accordance with generally accepted accounting principles as of December 31, 2011. The Company concluded its analysis and determined that its consolidated financial statements and related disclosures should not reflect any impairment charge to its polysilicon plant.

Hoku also announced today that it has amended its polysilicon supply contract with Suntech Power Holdings Co., Ltd., the world's largest producer of silicon solar modules, to extend the delivery schedule, while modifying volume and price terms. "This amendment demonstrates Suntech's continuing confidence in Hoku's ability to supply high quality polysilicon for Suntech's solar modules," said Scott Paul, Hoku's CEO.

BOISE, ID--(Marketwire - Feb 21, 2012) - Hoku Materials, Inc., a wholly owned subsidiary of Hoku Corporation (NASDAQ: HOKU) that plans to produce, market and sell polysilicon for the solar industry from its facility under construction in Pocatello, Idaho, today announced that it and Idaho Power Company (Idaho Power), a wholly owned subsidiary of IDACORP, Inc. (NYSE: IDA), have reached an agreement to amend their electric service contract, and have filed a stipulation with the Idaho Public Utilities Commission (IPUC) requesting approval of the amendment. The amendment is the result of negotiations between Idaho Power and Hoku Materials following Hoku's petition with the IPUC to reduce the minimum payments that are being charged for electrical service in excess of Hoku's actual power consumption at its polysilicon plant.

The key terms of the amendment are:

• Hoku's monthly billed minimum energy charge is reduced from approximately $2 million to approximately $800,000, retroactively effective January 1, 2012 and continuing through June 30, 2013. This 18-month period is referred to as the "Deferral Period."
• Hoku will pay Idaho Power an additional one-time payment of $3.8 million to amend the contract. The first $2 million will be paid by deducting it from the $4 million deposit previously paid by Hoku, and the remaining $1.8 million balance will be paid in equal installments over 18 months.
• On July 1, 2013, the minimum payments of approximately $2 million per month will resume.

Preliminary Third Quarter Fiscal Year 2012 Results HONOLULU, HI--(Marketwire - Feb 9, 2012) -

•500% increase in quarterly revenue compared to same quarter in previous year

•$50 million in loans with Tianwei extended by one year

•Largest utility-scale PV facility on Oahu completed by Hoku Solar

•Polysilicon contract with Solargiga amended

•Brokered largest-ever sale of Tianwei PV modules in North America

Scott Paul, chief executive officer of Hoku Corporation, commented, "We anticipate continued market challenges given ongoing changes in government incentives to promote renewable energy, international trade complaints between the U.S. and China, financing constraints, and generally difficult macroeconomic conditions. However, we plan to continue seizing opportunities by focusing on execution and controlling costs. In short, we believe this to be an acute, but cyclical market depression and, together with Tianwei, we are taking steps to not just weather the storm, but to emerge stronger from it."

Hoku Corp. is fighting a termination notice from Idaho Power Co. that threatens to cut the power to its Pocatello polysilicon plant next week unless the Honolulu company pays its $1.9 million electricity bill.

The company has until Jan. 3 before Idaho Power will cut power to the plant, which eventually will make the materials that go into solar panels but has yet to become fully operational. Hoku (Nasdaq: HOKU) began receiving permanent power at the plant in mid-November.

Hoku officials declined Friday to comment specifically on the situation.

Full Article

On March 31, 2010, Hoku Materials, Inc., a wholly owned subsidiary of Hoku Corporation (collectively, “we”, “us”, “our”, or the “Company”), and Wealthy Rise International, Ltd, a wholly owned subsidiary of Solargiga Energy Holdings, Ltd., (“Solargiga”), entered into the Second Amended & Restated Supply Agreement (the “Supply Agreement”), pursuant to which we agreed to sell Solargiga specified volumes of polysilicon at a predetermined price over a three-year period beginning in 2011 for an aggregate purchase price payable to us of $60 million, subject to product deliveries and other conditions.

On June 28, 2011, we entered into Amendment No. 1 to the Supply Agreement (“Amendment No. 1”, and the Supply Agreement as amended by Amendment No. 1, the “Amended Supply Agreement”), pursuant to which we agreed to sell Solargiga specified volumes of polysilicon at fixed prices over a five-year period beginning in 2012 for an aggregate purchase price payable to us of $92.8 million, assuming no pricing adjustments and without taking into account the application of the prepayments already received by us.

On December 27, 2011, we entered into Amendment No. 2 to the Supply Agreement (“Amendment No. 2”). Pursuant to Amendment No. 2, we agreed to extend the supply of specific volumes of polysilicon at fixed prices to Solargiga for its general use beginning in 2012 and continuing for eight (8) years from the date of the first shipment. The pricing for each year may be adjusted based on market prices of polysilicon and negotiations between us and Solargiga. The aggregate amount that may be paid to us over the eight-year term is $134 million, assuming no such pricing adjustment occurs and without taking into account the application of the prepayments already received by us.

HONOLULU, HI--(Marketwire - Dec 16, 2011) - Hoku Corporation (NASDAQ: HOKU), a solar energy products and services company, today announced that Darryl Nakamoto has resigned as Hoku's chief financial officer, treasurer, and secretary, effective March 31, 2012.

Mr. Nakamoto has been Hoku Corporation's chief financial officer since 2005, managing all finance, accounting, public company reporting, and internal controls for Hoku Corporation and its subsidiary companies: Hoku Solar, Hoku Materials, and Tianwei Solar USA. Some of Mr. Nakamoto's key accomplishments include Hoku's 2005 initial public offering on the Nasdaq Global Market, and raising over $300 million in debt and equity capital, including the Company's transaction with Tianwei New Energy that resulted in Tianwei becoming Hoku's majority stockholder in 2009.

Agreement On November 30, 2011 Hoku Corporation (“Hoku”) entered into a Credit Agreement (the “Credit Agreement”) with Industrial and Commercial Bank of China, Limited, New York Branch (the “Lender”). The Credit Agreement provides for one or more term loans (the “Loans”) in an aggregate principal amount not to exceed $5.8 million (the “Maximum Loan Amount”), which must be borrowed by December 7, 2011. The principal amount of the Loans and any unpaid interest thereon must be paid in full by November 30, 2014 or the tenth business day prior to the date on which the standby letter of credit expires or otherwise terminates, whichever is earlier. Hoku may prepay the Loans, in whole or in part, at any time without penalty, provided that any such prepayment must be for a minimum of $1.0 million and in multiples of $100,000 in excess thereof. Funds provided pursuant to the Credit Agreement are for the completion of the construction of the polysilicon production plant currently being constructed by Hoku’s subsidiary, Hoku Materials, Inc., in Pocatello, Idaho. .

We have incurred significant net losses since inception and we have relied on our ability to fund our operations principally through borrowings under credit agreements, prepayments on long-term polysilicon contracts and registered and unregistered offerings of our securities. Even if we are successful in securing additional long-term polysilicon contracts that could provide additional prepayments, and our existing customers fulfill their obligations to make additional prepayments when due (of which there can be no assurances), we will still need to seek additional financing to complete our Polysilicon Plant. As of September 30, 2011, we had cash and cash equivalents on hand of $3.2 million and current liabilities of $241.8 million.

As of September 30, 2011, we have obtained an aggregate of $274 million of debt financing through 16 credit agreements to support our operations. As of September 30, 2011, the total amount outstanding under these credit agreements was $273 million. During the three months ended September 30, 2011, we have obtained an aggregate of $25 million of debt financing through two credit agreements with Industrial and Commercial Bank of China Limited, New York Branch, and Bank of China, New York Branch, to support our operations. In October 2011, we entered into credit agreements with Industrial and Commercial Bank of China, Limited, New York Branch and Bank of China, New York Branch to provide for an additional $13.6 million and $22.1 million, respectively, of debt financing. All of our credit agreements are secured by letters of credit provided by Tianwei. The material terms of each credit agreement are described in more detail in Note 6 to the financial statement. As of September 30, 2011, we have funded approximately $534.1 million of our Polysilicon Plant. We estimate that we still need to raise at least an additional $162.8 million to complete the construction of the Polysilicon Plant based upon our current estimate of $700 million to complete construction.

The additional capital we have secured since the beginning of fiscal year 2011 has enabled us to settle accounts payable and accrued capital expenditures, and is providing us with the necessary capital to sustain operations. In addition, we are reserving adequate funding in the event we are required to purchase of third-party polysilicon to meet our contractual obligations with our polysilicon customers, and for interest and other financing costs related to our loans. However, the amount we have secured is not sufficient to complete construction of the Polysilicon Plant, and should there be delays in securing additional financing, we may need to implement cost and expense reduction programs and other programs to generate cash that are not currently planned, but are responsive to our liquidity requirements. If we are unable to secure additional financing or structure credit terms with our vendors that are favorable to us, we may also need to curtail construction of the Polysilicon Plant. If we have to curtail construction, our excess capital would primarily be used to reduce our current liabilities, purchase of third-party polysilicon and for working capital needs. Tianwei has committed to assist us in obtaining additional financing for working capital needs and to purchase polysilicon from third-parties to meet our upcoming commitments with the understanding that it will receive fair compensation for the financial services it provides us.

Financial Results

• Revenue for the quarters ended September 30, 2011 and 2010 were $1.9 million and $1.2 million, respectively. Revenue in the quarter was derived primarily from photovoltaic, or PV, system installations and related services, and the sale of electricity. As of September 30, 2011 and March 31, 2011, deferred revenue of $2.5 million and $72,000, respectively, were attributable to PV system installation and related service contracts.

• Net loss, computed in accordance with U.S. generally accepted accounting principles, or GAAP, for the quarter ended September 30, 2011 was $7.9 million, or $0.14 per share, compared to $2.0 million, or $0.04 per share, for the same period in fiscal 2011. The increase in net loss is primarily attributable to labor of $2.7 million, as we continue commissioning and prepare for the operation of our polysilicon plant, and payments to Idaho Power Company of $3.5 million pursuant to our electric service agreement.

• Non-GAAP net loss for the quarter ended September 30, 2011 was $7.8 million, or $0.14 per share, compared to $1.8 million, or $0.03 per share, for the same period in fiscal 2011. Non-GAAP net loss for the quarters ended September 30, 2011 and 2010 excludes non-cash stock-based compensation of $158,000 and $259,000, respectively. The accompanying schedules provide a reconciliation of net loss and net loss per share computed on a GAAP basis to net loss and net loss per share computed on a non-GAAP basis. The Company uses non-GAAP measures of net loss and net loss per share, which the Company believes is appropriate to enhance an overall understanding of its past financial performance and its future prospects.

"The current market conditions have depressed polysilicon prices throughout the solar industry, and we are monitoring the market conditions to adapt our business operations to meet our customer commitments and to achieve sustainable business success. In order to be a long-term market leader in the polysilicon industry, Hoku needs to maintain a globally-competitive cost structure. We are in the process of conducting a feasibility study for a further expansion to 8,000 metric tons to achieve better economies of scale. The feasibility study is expected to be completed early next quarter. We have pre-invested in the expansion of our plant to 8,000 metric tons, and we believe that the additional investment necessary to expand our plant to 8,000 metric tons will be proportionally less per metric ton of capacity than what we have already invested in our 4,000 metric ton plant."

On October 12, 2011 Hoku Corporation (“Hoku”) and Hoku’s subsidiary, Hoku Materials, Inc. (“Hoku Materials”, together with Hoku, the “Borrowers”), entered into a Credit Agreement (the “Credit Agreement”) with Bank of China, New York Branch (the “Lender”). The Credit Agreement provides for one or more revolving loans (the “Loans”) in an aggregate principal amount not to exceed the lesser of $22.11 million or the aggregate amount of the standby letters of credit procured on behalf of the Borrowers as described below (the “Maximum Loan Amount”).

On September 1, 2011 Hoku Corporation (“Hoku”) entered into a Credit Agreement (the “Credit Agreement”) with Industrial and Commercial Bank of China, Limited, New York Branch (the “Lender”). The Credit Agreement provides for one or more term loans (the “Loans”) in an aggregate principal amount not to exceed $10 million (the “Maximum Loan Amount”), which must be borrowed within one month of the effective date of the Credit Agreement. The principal amount of the Loans and any unpaid interest thereon must be paid in full by September 1, 2014 or the tenth business day prior to the date on which the standby letter of credit expires or otherwise terminates, whichever is earlier. Hoku may prepay the Loans, in whole or in part, at any time without penalty, provided that any such prepayment must be for a minimum of $1.0 million and in multiples of $100,000 in excess thereof. Funds provided pursuant to the Credit Agreement are for the completion of the construction of the polysilicon production plant currently being constructed by Hoku’s subsidiary, Hoku Materials, Inc., in Pocatello, Idaho.

• Revenue for the quarters ended June 30, 2011 and 2010 were $485,000 and $930,000, respectively. Revenue in the quarter was derived primarily from photovoltaic, or PV, system installations and related services, the sale of electricity, and the resale of solar inventory. As of June 30, 2011 and 2010, deferred revenue of $472,000 and $72,000, respectively, were attributable to PV system installation and related service contracts.
• Net loss, computed in accordance with U.S. generally accepted accounting principles, or GAAP, for the quarter ended June 30, 2011 was $10.2 million, or $0.19 per share, compared to $2.7 million, or $0.05 per share, for the same period in fiscal 2011. Our increased net loss is attributable to our increasing operating costs, including labor and materials, as we begin commissioning and prepare for the operation of our polysilicon plant, and $5.3 million in expenses from payments to Idaho Power Company pursuant to our electric service agreement with them.
• Non-GAAP net loss for the quarter ended June 30, 2011 was $8.7 million, or $0.16 per share, compared to $2.4 million, or $0.04 per share, for the same period in fiscal 2011. Non-GAAP net loss for the quarters ended June 30, 2011 and 2010 excludes non-cash stock-based compensation of $1.5 million and $321,000, respectively.

Scott Paul, chief executive officer of Hoku Corporation, said, "During the last quarter we have continued our construction and commissioning activities at Hoku Materials as we prepare to commence operations in the weeks ahead, and we have maintained our focus on delivering investment-grade photovoltaic (PV) systems at Hoku Solar."

• Revenue for the quarters ended March 31, 2011 and 2010 were $290,000 and $776,000, respectively.
• Revenue for the fiscal year ended March 31, 2011 was $3.6 million compared to $2.6 million for fiscal 2010.

Revenue in fiscal 2011 and 2010 was derived primarily from photovoltaic, or PV, system installations and related services, the sale of electricity, and the resale of solar inventory. As of March 31, 2011 and 2010, deferred revenue of $72,000 and $6,000, respectively, were attributable to PV system installation and related service contracts.

• Net loss, computed in accordance with U.S. generally accepted accounting principles, or GAAP, for the quarter ended March 31, 2011 was $4.1 million, or $0.07 per share, compared to $2.0 million, or $0.04 per share, for the same period in fiscal 2010.
• GAAP net loss for the fiscal year ended March 31, 2011 was $11.8 million, or $0.22 per share, compared to $5.4 million, or $0.23 per share, for fiscal 2010.

• Non-GAAP net loss for the quarter ended March 31, 2011 was $3.9 million, or $0.07 per share, compared to $1.8 million, or $0.03 per share, for the same period in fiscal 2010.
• Non-GAAP net loss for the fiscal year ended March 31, 2011 was $10.9 million, or $0.20 per share, compared to $4.6 million, or $0.19 per share, for fiscal 2010.

On June 2, 2011 Hoku Corporation entered into a Credit Agreement with Industrial and Commercial Bank of China Limited, New York Branch. The Credit Agreement provides for one or more term loans in an aggregate principal amount not to exceed $24.7 million, which must be borrowed within one month of the effective date of the Credit Agreement. The principal amount of the Loans and any unpaid interest thereon must be paid in full by June 2, 2016 or the tenth business day prior to the date on which the Letter of Credit expires or otherwise terminates, whichever is earlier. Hoku may prepay the Loans, in whole or in part, at any time without penalty, provided that any such prepayment must be for a minimum of $1.0 million and in multiples of $100,000 in excess thereof. Funds provided pursuant to the Credit Agreement are for the completion of the construction of the polysilicon production plant currently being constructed by Hoku's subsidiary, Hoku Materials, Inc., in Pocatello, Idaho

On April 6, 2011 Hoku Corporation entered into a Credit Agreement with Industrial and Commercial Bank of China, Ltd., New York Branch. The Credit Agreement provides for one or more term loans in an aggregate principal amount not to exceed $15.0 million (the “Maximum Loan Amount”), which must be borrowed within one month of the effective date of the Credit Agreement. The principal amount of the Loans and any unpaid interest thereon must be paid in full by April 6, 2014 or the tenth business day prior to the date on which the Letter of Credit expires or otherwise terminates, whichever is earlier. Hoku may prepay the Loans, in whole or in part, at any time without penalty, provided that any such prepayment must be for a minimum of $1.0 million and in multiples of $100,000 in excess thereof. Funds provided pursuant to the Credit Agreement are for the completion of the construction of the polysilicon production plant currently being constructed by Hoku’s subsidiary, Hoku Materials, Inc., in Pocatello, Idaho.

On January 10, 2011 Hoku Corporation entered into a Credit Agreement with Industrial and Commercial Bank of China, Ltd., New York Branch. The Credit Agreement provides for one or more term loans in an aggregate principal amount not to exceed $19.5 million, which must be borrowed within one month of the effective date of the Credit Agreement.

On September 16, 2010, Hoku Corporation entered into a Credit Agreement with China Merchants Bank Co., Ltd., New York Branch. The Credit Agreement provides for one or more term loans in an aggregate principal amount not to exceed $10 million (the “Maximum Loan Amount”), which must be borrowed within 30 days of the effective date of the Credit Agreement. The principal amount of the Loans and any unpaid interest thereon must be paid in full by September 16, 2013. Hoku may prepay the Loans, in whole or in part, at any time without penalty, provided that any such prepayment must be for a minimum of $100,000 and in multiples of $100,000 in excess thereof. Funds provided pursuant to the Credit Agreement are for general corporate purposes, including capital expenditures related to the polysilicon production plant currently being constructed by Hoku’s subsidiary, Hoku Materials, Inc., in Pocatello, Idaho. In addition to the Credit Agreement, Hoku and the Lender entered into credit agreements on May 24, 2010, August 16, 2010, and August 26, 2010 pursuant to which Hoku borrowed $20.0 million, $10.0 million, and $5.0 million, respectively, and which are more fully described in Item 1.01 of the Forms 8-K filed with the Securities and Exchange Commission on May 26, 2010, August 19, 2010, and August 30, 2010, respectively.