If sources are to be believed than GT Advanced Technologies Inc (OTCMKTS:GTATQ) has come to an agreement over the sale of its Hyperion division. As per the sources, the company could sell its technology for a consideration of $1.1 million.
Sold for $1.1 million
It is speculated that the company’s senior director of marketing, Jeff Nestel-Patt have confirmed the news. However, any official statement is yet to come from the company’s end. GT Advanced Technologies Inc (OTCMKTS:GTATQ)’s Hyperion technology includes silicon laminates, which are employed to develop thin films. These films are then used in a number of devices containing flexible panels.
Often, the company’s Hyperion technology was seen as a breakthrough technology that can dramatically alter the deployment and cost points in the solar energy. The technology was first designed in 2012 by Twin Creeks Technology of California, which was later acquired by GT Advanced Technologies Inc (OTCMKTS:GTATQ).
Bought by former employee
As per the information, one of the former employees of the company has agreed to purchase it. It is also believed that the same employee had helped advance the technology in the past and had, therefore, agreed to acquire it while accepting to retain 17 of the company’s employees. However, the same needs to get approved by the bankruptcy court, which is overlooking at the restructuring of GT Advanced Technologies Inc (OTCMKTS:GTATQ).
Earlier this month, the company received a setback from the court after a U.S. court declined the company’s proposal to pay up to $2.2 million in bonuses to its top executives. Judge Henry Boroff wrote in his opinion that the company should not pay bonuses to insiders for work that they are obligated to do. It is to be noted that GT Advanced Technologies Inc (OTCMKTS:GTATQ) went bankrupt after its failed attempt to become a supplier for Apple Inc. (NASDAQ:AAPL)’s mobile devices.
GT Advanced Technologies Inc (OTCMKTS:GTATQ) finished the week with a crash on the last session of the week as it lost 46.15% in a single day. The volume surged to 16.7 million. Many times higher than the daily average of 3.6 million, indicating the intensity of the selloff. Technically, the rally in the previous two sessions was negated perfectly from the upper boundary of the corrective channel, containing the entire decline from the very top. The low of the day came at the lower boundary of the said channel but it remains to be seen if that can be marked as a long term bottom.