Solar firm Day4 Energy to delist from Toronto Stock Exchange

BURNABY, B.C. — Solar power company Day4 Energy Inc. announced a plan Monday that will see its senior management acquire the company’s assets in exchange for $500,000 and assumption of its liabilities.The company will also delist itself from the Toronto Stock Exchange.Day4 has struggled with a difficult market in recent months, hurt by oversupply, falling prices and uncertainty regarding the future of government subsidies.[np-related]Under the deal announced Monday, a company indirectly owned by Day4 chief executive George Rubin and chief financial officer Douglas Keast will acquired the assets and liabilities.Day4 will have no assets or liabilities other than $500,000 cash once the deal is closed.The plan requires the approval by at least two-thirds of the votes cast by Day4 shareholders and must also be approved by the holders of Day4’s shares other than those shares held by George Rubin and Douglas Keast.Day4 produces solar panels for residential, commercial and utility scale installations.

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