Hoku in deal to offer stock worth up to $54M

Proceeds will be used for engineering, procurement and building a 3,500 metric ton polysilicon production facility in Pocatello, Idaho, plus general corporate purposes.

Besides the $54 million from the equity distribution program with UBS, Hoku estimates it will need to raise an additional $56 million to complete engineering, procurement and construction of the plant.

The company intends to raise that additional amount through one or more debt or equity offerings next year.

Shares fell 11 cents to $6.08 shortly after the opening bell.