Holy HOKU!!! Shares Skyrocket on $678M STP Contract News
Shares of Hoku Scientific Inc. (Nasdaq: HOKU) exploded this morning after news of a monstrous $678 million contract was released after the market close yesterday. The contract is with Suntech Power Holdings Co. Ltd. (NYSE: STP) and calls for the sale and delivery of polysilicon to Suntech over a ten-year period beginning in mid-2009. Under the contract, up to approximately $678 million may be payable to Hoku during the ten-year period, subject to the achievement of milestones, the acceptance of product deliveries and other conditions. The contract provides for the delivery of predetermined volumes of polysilicon each year at set…