Uni-Pixel Plunges 69%: Going Bankrupt, All Employees Let Go
There you go:
Alternatively you can hit this archive link:
Shares of touch-sensor technology maker UniPixel (UNXL) were briefly halted after market close this evening, and then plunged 69%, to 8 cents per share after they resumed trading, after the company said its board of directors authorized the company to file for Chapter 11 bankruptcy, which Uni-Pixel expects to do in the next one to two business days, and that all its employees have been let go.
My colleague Avi Salzman wrote a negative article about Uni-Pixel in Barron’s print edition in May of 2013, in which he interviewed then-CEO Reed K--lion, and other executives, when the share price was $34.48, and price targets were as high as $60.
The announcement tonight comes just months after the shares soared on word Uni-Pixel had signed a “long-term agreement” with a “major U.S. based PC maker” to provide its technology.
Uni-Pixel explained it has to cover legal expenses for K--lion, and another former executive, who are defending themselves against Securities & Exchange Commission charges.