In brief: Cree, Avanex and Bookham
Cree opens Hong Kong office
In a bid to further boost its presence in Asia, LED maker Cree has just opened a new headquarters at the Hong Kong Science Technology Park.
The US company says that the subsidiary business, which will be known as Cree Asia-Pacific Limited, will serve as Cree's center of product innovation for the region.
Packaged LED lighting components are the products in question, and Mike Dunn, who is the managing director of the new operation, says that the business will soon expand to include a network of offices.
Bookham files public share offering
Optoelectronic chip manufacturer Bookham is to sell up to 9.2 million shares of its common stock in a public offering.
8 million shares will be sold initially, with a further 1.2 million on offer if the sale is over-subscribed.
Based on Bookham's latest share price, the maximum value of the sale would be around $40 million.
The offering is part of Bookham's plan to improve cash liquidity as it struggles to turn a profit in the recovering fiber-optic telecommunications sector.
The company, which operates an advanced, albeit expensive, 3-inch InP fab in the UK, recently revealed that it had freed up around $11 million in a tax break (see related story).
Avanex faces Nasdaq de-listing
Fiber-optic component and module manufacturer Avanex will be de-listed from the Nasdaq stock exchange unless it can boost its share price by over 10 percent from its current level.
According to Nasdaq regulations, every company listed on the exchange must have a minimum bid price of $1. Avanex stock has traded near the $1 mark for the past six months.
But after 30 consecutive business days with the shares valued below that threshold, the exchange sent Avanex a letter to the effect that it has six months to rectify the situation.
Avanex needs to trade at above $1 for ten consecutive business days to comply with the regulations and have the threat of de-listing lifted.
