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Tuesday, Oct 3, 2023

Briefs: BioSolar, American Homes, Ixia, Cherokee

Photovoltaic panel designer BioSolar Inc. announced on Thursday a partnership with UC Santa Barbara to develop a new method of storing the energy of the sun. The partnership will seek to develop what is being called the BioSuperCap, a low cost polymer-based technology that speeds the charging and discharging of existing batteries and reduces overall costs. The small Santa Clarita firm, which has been developing lower-cost photovoltaic solar panels, co-owns the patent application with the school. The lead inventors of the technology are UCSB professor Alan Heeger, the recipient of a Nobel Prize in 2000 for the discovery and development of conductive polymers, and David Vonlanthen, a post-doctoral researcher at UCSB. “Fewer batteries can be used, and daytime solar energy can be quickly and cost-effectively stored for nighttime use at a substantially lower cost,” said BioSolar Chief Executive David Lee. Shares rose by 5 cents, or about 33 percent, to close at 20 cents on the OTC Bulletin Board. American Homes 4 Rent announced the pricing of a $488 million securitization offering tied to single-family homes. The Agoura Hills real estate investment trust said the securitization will be backed by rental payments from 4,487 single-family homes. The transaction is expected to close on or about Sept. 19. The company raised about $481 million in May through a similar transaction. American Homes is the second-largest institutional landlord in the country, with 27,173 single-family properties in selected submarkets in 22 states in its portfolio, as of June 30. Shares closed down 10 cents, or a fraction of a percent, to $17.83 on the New York Stock Exchange. Computer networking software developer Ixia has been given an additional two months to become current with quarterly earning filings and avoid delisting from the Nasdaq. The Calabasas company has a Nov. 13 deadline to file reports with the Securities and Exchange Commission for the first two quarters of the year. A Nasdaq hearing panel on Wednesday extended the deadline from Sept. 12. The delays in filing the reports stems from the sudden resignation last fall of then-Chief Executive Walt Alston, which led to an accounting review by the Board of Director’s audit committee. “We are continuing to devote substantial resources to complete and file the quarterly reports and expect to become current before the November date set by the panel,” said acting CFO Brent Novak, in a prepared statement. Shares were unchanged at $9.62 on the Nasdaq. Cherokee Group Inc. missed analysts’ profit estimates in the fiscal second quarter but said global sales and its new Tony Hawk clothing line contributed to strong revenue growth. The Sherman Oaks company reported net income of $2.3 million (27 cents a share) in the quarter ended Aug. 2, compared with $1.9 million (23 cents) in the same period a year earlier. Revenue increased 17 percent to $8.8 million. Analysts on average expected net income of 28 cents a share on revenue of $8.8 million, according to Thomson Financial Network The company attributed the revenue increase to organic international growth and its $19 million acquisition in January of Hawk Designs Inc., founded by skating legend Tony Hawk. Shares closed up 15 cents, or less than 1 percent, to $18.45 on the Nasdaq.

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