Texaco Purchases Shares of ECD Common Stock
September 04, 2001 by Jeff Shepard
Energy Conversion Devices Inc. (ECD, Troy, MI) announced that, pursuant to the stock purchase agreement between ECD and Texaco Inc. (Detroit, MI), Texaco has exercised its right to maintain its 20-percent interest in ECD.
This share purchase follows an increase in ECD's outstanding common stock due to the exercise of warrants on July 31, 2001. Texaco has purchased an additional 448,358 shares of ECD common stock for approximately $8.9 million.