2, 2009
333-______
3674 | 22-2746503 | |||
(State or other jurisdiction of incorporation or organization) | (Primary Standard Industrial Classification Code Number) | |||
(I.R.S. Employer Identification Number) |
A
Agents For Service
HOWARD W. BRODIE, ESQ.THOMAS G. WERTHANEMCORE Corporation145 Belmont DriveSomerset, New Jersey 08873(732-302-4077)
Mexico 87123
JOHN E. WELCH, ESQ.TOBIAS L. KNAPP, ESQ.Jenner & Block LLP601 Thirteenth Street, N.W.Suite 1200 SouthWashington, DC 20005-3823(202-639-6096)
TOBIAS L. KNAPP, ESQ. Jenner & Block LLP 919 Third Avenue 37th Floor New York, New York 10022 (212-891-1600) |
box: o
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Large accelerated filer o Accelerated filer x | Non-accelerated filer o Smaller reporting company o |
Title of Each Class of Securities to be Registered | Amount to be Registered | Proposed Maximum Offering Price Per Share | Proposed Maximum Aggregate Offering Price(1) | Amount of Registration Fee | |||||||||||||||||
Common Stock, no par value | 912,724 shares | $ | 8.865 | (1) | $ | 8,091,298.26 | $ | 865.77 | |||||||||||||
Title of Each Class of Securities to be Registered (1) | Amount to Be Registered | Proposed Maximum Offering Price Per Unit | Proposed Maximum Aggregate Offering Price | Amount of Registration Fee | ||||
Offering: | ||||||||
Common Stock, no par value per share | (1) | (2) | (2) | — | ||||
Preferred Stock | (1) | (2) | (2) | — | ||||
Debt Securities | (1) | (2) | (2) | — | ||||
Warrants | (1) | (2) | (2) | — | ||||
Units | (1) | (2) | (2) | — | ||||
Total Offering | (1) | (2) | $50,000,000 | $2,790(3) | ||||
(1) |
(2) | The proposed maximum aggregate offering price per class of security will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as to each class of security pursuant to General Instruction II(D) of Form S-3 under the Securities Act of 1933, as amended. |
(3) | Calculated pursuant to Rule 457(o) under the Securities Act of 1933, as amended, based on the |
912,724 Shares
prospectus supplement. The selling shareholders may sell shares of our common stock from time to time at market prices, in negotiated transactions or otherwise. The selling shareholders may sell the shares directly or through underwriters, brokers or dealers. The selling shareholders may pay commissions or discounts to underwriters, brokers or dealers in amounts to be negotiated priorprice to the sale. See ‘‘Planpublic of Distribution’’ on page 16 for more information on this topic.
EMCORE’ssuch securities and the net proceeds we expect to receive from such sale will also be set forth in a prospectus supplement.
$1.47.
7. You should carefully review the risks and uncertainties described under the heading “Risk Factors” contained in the applicable prospectus supplement and under similar headings in the documents that are incorporated by reference in this prospectus.
Our business, financial condition, results of operations and prospects may have changed since that date.
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Anti-takeover Effects of Provisions of Our Restated Certificate of Incorporation and Amended By-laws | 19 | |||||
New Jersey Shareholders Protection Act | 20 | |||||
Legal Matters | 20 | |||||
Experts | 20 | |||||
Where You Can Find More Information | 20 | |||||
Information Incorporated by Reference | 21 |
OUR COMPANY
We design, manufacture and market a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite, solar power and wireless communications markets. Our Fiber Optic segment offers optical components, subsystems and systems for high speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). Our Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, we offer high efficiency Gallium Arsenide (GaAs) solar cells, Covered Interconnect Cells (CICs) and panels. For terrestrial applications, we are adapting our high-efficiency GaAs solar cells for use in solar concentrator systems. Our Electronic Materials and Devices segment provides radio frequency (RF) transistor materials for high bandwidth wireless communications systems. Through our joint venture participation in GELcore, LLC, we play a significant role in developing and commercializing next-generation High-Brightness LED technology for use in the general and specialty illumination markets.
Compound semiconductor-based products provide the foundation of components, subsystems and systems used in a broad range of technology markets, including wireline, wireless and satellite communications equipment and networks, advanced computing technologies and satellite and terrestrial solar power generation systems. Compound semiconductor materials are capable of providing electrical or electro-optical functions, such as emitting optical communications signals, detecting optical communications signals, emitting light and converting sunlight into electricity. Collectively, our products and the products offered by our joint venture, GELcore, serve the telecommunications, cable television, wireless, defense and homeland security, satellite and terrestrial power and lighting and illumination markets.
We are a New Jersey corporation which was established in 1984. Our headquarters and principal executive offices are located at 145 Belmont Drive, Somerset, New Jersey 08873, and our telephone number for investor relationsThis prospectus is (732) 271-9090. We maintain a website at www.emcore.com. Information contained in our website is not part of this prospectus.
RISK FACTORS
You should carefully consider the risks described below before making an investment decision. Our business, financial condition or results of operations could be materially adversely affected by any of these risks. We caution the reader that these risk factors may not be exhaustive anda registration statement that we operate inhave filed with the Securities and Exchange Commission (the “SEC” or “Commission”) using a continually changing business environment where new risks emerge from time to time. Risks not presently known to us or that we currently deem immaterial could also materially adversely affect our business, financial condition and results of operations.
We have a history of incurring significant net losses and our future profitability is not assured.
We commenced operations in 1984 and as of March 31, 2006, we had an accumulated deficit of $329.4 million. We incurred net losses of $13.5 million for the six months ended March 31, 2006, $13.1 million in fiscal 2005, $13.4 million in fiscal 2004 and $38.5 million in fiscal 2003. Our operating results for future periods are subject to numerous uncertainties and we cannot assure you that we will not continue to experience net losses for the foreseeable future. Although our revenues have grown in recent years,“shelf” registration process. Under this shelf process, we may be unable to sustain such growth ratessell:
Our future revenues are inherently unpredictable. As a result, our operating results are likely to fluctuate from period to period, which may cause volatility in our stock price and may cause our stock price to decline.
Our quarterly and annual operating results have fluctuated substantially in the past and are likely to fluctuate significantly in the future due to a variety of factors, some of which are outside of our control. The factors that could cause our quarterly or annual operating results to fluctuate include:
In addition, the limited lead times with which several of our customers order our products restrict our ability to forecast revenues. We may also experience a delay in generating or recognizing revenues for a number of reasons. For example, orders at the beginning of each quarter typically represent a small percentage of expected revenues for that quarter and are generally cancelable at any time. We depend on obtaining orders during each quarter for shipment in that quarter to achieve our revenue objectives. Failure to ship these products by the end of a quarter may adversely affect our results of operations.
As a result of the foregoing, we believe that period-to-period comparisons of our results of operations should not be relied upon as indications of future performance. In addition, our results of operationsunits, in one or more future quarters may fail to meet the expectationsofferings. This prospectus provides you with a general description of those securities. We will offer our securities analysts or investors, which would likely result in a decline in the trading price of our common stock.
Our ability to achieve operational and material cost reductions and to realize production efficiencies for our operations is critical to our ability to achieve long-term profitability.
We currently are in the process of implementing a number of operational and material cost reductions and productivity improvement initiatives, particularly with regards to our Fiber Optics segment. Cost reduction initiatives often involve re-design of our products, which requires our
customers to accept and qualify the new designs, potentially creating a competitive disadvantage for our products. We are also in the process of consolidating our solar panel operations by moving our operations in City of Industry, California to our Albuquerque, New Mexico facility and may pursue other consolidation initiatives in the future. These initiatives can be time-consuming and disruptive to our operations and costly in the short-term. Successfully implementing these and other cost-reduction initiatives throughout our operations is critical to our future competitiveness and ability to achieve long-term profitability. However, there can be no assurance that these initiatives will be successful.
We are substantially dependent on a small number of customers and the loss of any one of these customers could materially adversely affect our business, financial condition and results of operations.
Our top five customers accounted for 43% of our total revenue for the six months ended March 31, 2006, and 45% of our total revenue in fiscal 2005. In particular, Cisco Systems, Inc. accounted for 19% of our total revenue in fiscal 2005 and 17% of our total revenue for the six months ended March 31, 2006. The majority of our revenue from Cisco came from sales of our LX4 module. We do not have an exclusive commercial arrangement or a long term contract with Cisco and Cisco has made it clear that continued sales are dependent on our price, quality and delivery. We understand that Cisco has recently qualified another vendor for LX4 modules and is working with several vendors in addition to us to qualify the next generation LX4 module, the X2. If Cisco decreases its purchase orders for any reason, our business, financial condition and results of operations will be harmed. There can be no assurance that we will continue to achieve historical levels of sales of our products to our largest customers. The loss of or a reduction in sales to one or more of our largest customers could have a material adverse affect on our business, financial condition and results of operations.
We may not be successful in obtaining market acceptance and demand for our terrestrial solar products.
We have invested and intend to continue to invest significant resources in the adaptation of our solar cell products for terrestrial applications. This will require substantial additional funding for the hiring of employees, research and development and investment in capital equipment. Factors such as changes in energy prices or the development of new and efficient alternative energy technologies could limit growth in or reduce the market for terrestrial solar products. In addition, we may experience difficulties in applying our satellite-based solar products to terrestrial applications or may be unable to compete with new and emerging terrestrial solar products. There can be no assurance that our bids on solar power installations will be accepted, that we will win any of these bids or that our solar concentrator systems will be qualified for these projects. If our terrestrial solar cell products are not cost competitive or accepted by the market, our business, financial condition and results of operations may be materially adversely affected.
If we do not keep pace with rapid technological change, our products may not be competitive.
We compete in markets that are characterized by rapid technological change, frequent new product introductions, changes in customer requirements, evolving industry standards, continuous improvement in products and the use of our existing products in new applications. We may not be able to develop the underlying core technologies necessary to create new products and enhancementsamounts, at the same rate as or faster than our competitors, or to license the technology from third parties that is necessary for our products. Product development delays may result from numerous factors, including:
We cannot assure you that we will be able to identify, develop, manufacture, market or support new or enhanced products successfully, if at all, or on a timely, cost effective or repeatable basis. Our future performance will depend on our successful development and introduction of, as well as market acceptance of, new and enhanced products that address market changes as well as current and potential customer requirements and our ability to respond effectively to product announcements by competitors, technological changes or emerging industry standards. Because it is generally not possible to predict the amount of time required and the costs involved in achieving certain research, development and engineering objectives, actual development costs may exceed budgeted amounts and estimated product development schedules may be extended. If we incur budget overruns or delays in our research and development efforts, our business, financial condition and results of operations may be materially adversely affected.
The competitive and rapidly evolving nature of our industry has in the past resulted and is likely in the future to result in reductions in our product prices and periods of reduced demand for our products.
We face substantial competition in each of our operating segments from a number of companies, many of which have greater financial, marketing, manufacturing and technical resources than us. Larger-sized competitors often spend more on research and development, which could give those competitors an advantage in meeting customer demands and introducing technologically innovative products before we do. We expect that existing and new competitors will improve the design of their existing products and will introduce new products with enhanced performance characteristics.
The introduction of new products and more efficient production of existing products by our competitors has resulted and is likely in the future to result in price reductions and increases in expenses and reduced demand for our products. In addition, some of our competitors may be willing to provide their products at lower prices, accept a lower profit margin or expend more capital in order to obtain or retain business. Competitive pressures have required us to reduce the prices of some of our products, including our LX4 modules and our solar cells. These competitive forces could diminish our market share and gross margins, resulting in a material adverse effect on our business, financial condition and results of operations.
New competitors may also enter our markets, including some of our current and potential customers who may attempt to integrate their operations by producing their own components and subsystems or acquiring one of our competitors, thereby reducing demand for our products. In addition, rapid product development cycles, increasing price competition due to maturation of technologies, the emergence of new competitors in Asia with lower cost structures and industry consolidation resulting in competitors with greater financial, marketing and technical resources could result in lower prices or reduced demand for our products.
Expected and actual introductions of new and enhanced products may cause our customers to defer or cancel orders for existing products and may cause our products to become obsolete. A slowdown in demand for existing products ahead of a new product introduction could result in a write-down in the value of inventory on hand related to existing products. We have in the past experienced a slowdown in demand for existing products and delays in new product development and such delays may occur in the future. To the extent customers defer or cancel orders for existing products due to a slowdown in demand or in the expectation of a new product release or if there is any delay in development or introduction of our new products or enhancements of our products, our business, financial condition and results of operations could be materially adversely affected.
We may not be successful in implementing our growth strategy if we are unable to identify and acquire suitable acquisition targets. In addition, our acquisitions may not have the anticipated effect on our financial results.
Finding and consummating acquisitions is an important component of our growth strategy. Our continued ability to grow by acquisition is dependent upon the availability of suitable acquisition candidates and may be dependent on our ability to obtain acquisition financing on acceptable terms. We experience competition in making acquisitions from larger companies with significantly greater
resources. There can be no assurance that we will be able to procure the necessary funds to effectuate our acquisition strategy on commercially reasonable terms, or at all.
Future acquisitions by us may involve the following:
If we are unable to successfully integrate companies we acquire into our operations on a timely basis, our profitability could be negatively affected.
We expect that our acquisitions will result in certain business opportunities and growth prospects. We, however, may never realize these expected business opportunities and growth prospects. We may experience increased competition that limits our ability to expand our business. Our assumptions underlying estimates of expected cost savings may be inaccurate or general industry and business conditions may deteriorate. Acquisitions involve numerous risks, including, but not limited to:
If these factors limit our ability to integrate the operations of our acquisitions successfully or on a timely basis, our expectations of future results of operations may not be met. In addition, our growth and operating strategies for businesses we acquire may be different from the strategies that such business currently is pursuing. If our strategies are not the proper strategies for a business we acquire, it could materially adversely affect our business, financial condition and results of operations. Further, there can be no assurance that we will be able to maintain or enhance the profitability of any acquired business or consolidate the operations of any acquired business to achieve cost savings.
In addition, there may be liabilities that we fail, or are unable, to discover in the course of performing due diligence investigations on each company, business or asset we have already acquired or may acquire in the future. Such liabilities could include those arising from employee benefits contribution obligations of a prior owner or non-compliance with, or liability pursuant to, applicable federal, state or local environmental requirements by prior owners for which we, as a successor owner, may be responsible. In addition, there may be additional costs relating to acquisitions including, but not limited to, possible purchase price adjustments. We cannot assure you that rights to indemnification by sellers of assets to us, even if obtained, will be enforceable, collectible or sufficient in amount, scope or duration to fully offset the possible liabilities associated with the business or property acquired. Any such liabilities, individually or in the aggregate, could materially adversely affect our business, financial condition and results of operations.
Our products are difficult to manufacture. Our production could be disrupted and our results will suffer if our production yields are low as a result of manufacturing difficulties.
We manufacture many of our products in our own production facilities. Difficulties in the production process, such as contamination, poor quality materials, human error or equipment failure, can cause a substantial percentage of our products to be nonfunctional. Lower-than-expected
production yields may delay shipments or result in unexpected levels of warranty claims, either of which can materially adversely affect our results of operations. We have experienced difficulties in achieving planned yields in the past, particularly in pre-production and upon initial commencement of full production volumes, which have adversely affected our gross margins. Because the majority of our manufacturing costs are fixed, achieving planned production yields is critical to our results of operations. As a result of manufacturing many of our products in a single facility, we have greater exposure to the risk of interruption in manufacturing resulting from fire, natural disaster, equipment failures, or similar events than we would if we had back-up facilities available for manufacturing these products. We could also incur significant costs to repair and/or replace products that are defective and in some cases costly product redesigns and/or rework may be required to correct a defect. Additionally, any defect could adversely affect our reputation and result in the loss of future orders.
We face lengthy sales and qualifications cycles for our new products and, in many cases, must invest a substantial amount of time and funds before we receive orders.
Most of our products are tested by current and potential customers to determine whether they meet customer or industry specifications. The length of these qualification processes, which sometimes span a year or more, also may vary substantially by product and customer, and thus cause our results of operations to be unpredictable. During a given qualification period and prior to any commitment to purchase by customers and without generating significant revenues from the qualification process, we invest significant resources and allocate substantial production capacity to manufacture these new products. In addition, these qualification processes often make it difficult to obtain new customers for existing products, as customers are reluctant to expend the resources necessary to qualify a new supplier if they have one or more existing qualified sources. If we are unable to meet applicable specifications or do not receive sufficient orders to profitably use the allocated production capacity, our business, financial condition and results of operations could be materially adversely affected.
Our historical and future budgets for operating expenses, capital expenditures, operating leases and service contracts are based upon our assumptions as to the anticipated market acceptance of our products. Because of the lengthy lead times required for product development and the changes in technology that typically occur while a product is being developed, it is difficult to accurately estimate customer demand for any given product. If our products do not achieve an adequate level of customer demand, our business, financial condition and results of operations could be materially adversely affected.
If our contract manufacturers fail to deliver quality products at reasonable prices and on a timely basis, our business, financial condition and results of operations couldterms to be materially adversely affected.
We are increasing our use of contract manufacturers located outside of the U.S. as a less-expensive alternative to performing our own manufacturing of certain products. Substantially all of our high-volume parts are currently manufactured by contract manufacturers in Asia. If these contract manufacturers do not fulfill their obligations to us, or if we do not properly manage these relationships and the transition of production to these contract manufacturers, our existing customer relationships may suffer. For example, we recently experienced difficulties filling orders in our fiber-to-the-premises business due to limited available capacity of one of our contract manufacturers. In addition, by increasing our use of foreign contract manufacturers, we run the risk that the reputation and competitiveness of our products and services may deteriorate as a result of the reduction of our ability to oversee and control quality and delivery schedules. The use of contract manufacturers located outside of the U.S. also subjects us to the following additional risks that could significantly impair our ability to source our contract manufacturing requirements internationally:
Prior to our customers accepting products manufactureddetermined at our contract manufacturers, they must requalify the product and manufacturing processes. The qualification process can be lengthy and is expensive, with no guarantee that any particular product qualification process will lead to profitable product sales. The qualification process determines whether the product manufactured at our contract manufacturer achieves our customers’ quality, performance and reliability standards. Our expectations as to the time periods required to qualify a product line and ship products in volumes to customers may be erroneous. Delays in qualification can impair the expected timing of the transfer of a product line to our contract manufacturer and may impair the expected amount of sales of the affected products. We may, in fact, experience delays in obtaining qualification of our contract manufacturers’ manufacturing lines and, as a consequence, our operating results and customer relationships could be materially adversely affected.
Our supply chain and manufacturing process relies on accurate forecasting to provide us with optimal margins and profitability. Because of market uncertainties, forecasting is becoming much more difficult. In addition, as we come to rely more heavily on contract manufacturers,offer such securities. Each time we may have fewer personnel with expertise to manage these third-party arrangements.
Protecting our trade secrets and obtaining patent protection is critical to our ability to effectively compete.
Our success and competitive position depend on protecting our trade secrets and other intellectual property. Our strategy is to rely both on trade secrets and patents to protect our manufacturing and sales processes and products. Reliance on trade secrets is only an effective business practice insofar as trade secrets remain undisclosed and a proprietary product or process is not reverse engineered or independently developed. We take certain measures to protect our trade secrets, including executing non-disclosure agreements with our employees, our joint venture partner, customers and suppliers. If parties breach these agreements or the measures we take are not properly implemented, we may not have an adequate remedy. Disclosure of our trade secrets or reverse engineering of our proprietary products, processes, or devices could materially adversely affect our business, financial condition and results of operations.
There is also no assurance that any patents will afford us commercially significant protection of our technologies or thatsell securities, we will have adequate resources to enforce our patents. Nor can there be any assuranceprovide a prospectus supplement that the significant number of patent applications that we have filed and are pending, or those we may file in the future, will result in patents being issued. In addition, the laws of certain other countries may not protect our intellectual property to the same extent as U.S. laws.
Our failure to obtain or maintain the right to use certain intellectual property may materially adversely affect our business, financial condition and results of operations.
The compound semiconductor, optoelectronics and fiber optic communications industries are characterized by frequent litigation regarding patent and other intellectual property rights. From time to time we have received, and may receive in the future, notice of claims of infringement of other parties’ proprietary rights and licensing offers to commercialize third party patent rights. Although we are not currently involved in any litigation relating to our intellectual property, there can be no assurance that:
In addition, effective copyright and trade secret protection may be unavailable or limited in certain foreign countries. Litigation, which could result in substantial cost to us and diversion of our resources, may be necessary to defend our rights or defend us against claimed infringement of the rights of others. In certain circumstances, our intellectual property rights associated with government contracts may be limited.
Our substantial level of indebtedness could materially adversely affect our business, financial condition and results of operations.
We have substantial debt service obligations. As of March 31, 2006, our long-term debt was $96.2 million, which represented approximately 56% of our total long-term debt and shareholders’ equity. In addition, we guarantee 49% of any amounts borrowed under GELcore’s $10 million revolving credit line, which amount equaled approximately $6.4 million as of May 25, 2006. We may incur additional debt in the future. This significant amount of debt could:
If our cash flow is inadequate to meet our obligations or we are unable to generate sufficient cash flow or otherwise obtain funds necessary to make required payments on our outstanding indebtedness, we would be in default undercontain specific information about the terms of our indebtedness. Default under the indenture governing our approximately $95.8 million aggregate principal amount of convertible senior subordinated notes would permit the holders of such notes to accelerate the maturity of the notes and could cause defaults under future indebtedness we may incur. Any such default could materially adversely affect our business, financial condition and results of operations. In addition, we cannot assure you that we would be able to repay amounts due in respect of the notes if payment of the notes were to be accelerated following the occurrence of an event of default as defined in the indenture.
We generally do not have long-term contracts with our customers and we typically sell our products pursuant to purchase orders with short lead times. As a result, our customers could stop purchasing our products at any time and we must fulfill orders in a timely manner to keep our customers.
We do not generally have long-term contracts with our customers. As a result, our agreements with our customers do not provide any assurance of future sales. Risks associated with the absence of long-term contracts with our customers include that:
We generally sell our products pursuant to individual purchase orders, which often have extremely short lead times. If we are unable to fulfill these orders in a timely manner, it is likely that we will lose sales and customers. In addition, we sell some of our products to governments and governmental entities. These contracts are generally subject to termination for convenience provisions and may be cancelled at any time.
Our joint venture agreement with General Electric Lighting contains provisions that require both parties to agree on most fundamental strategic issues. If we and our joint venture partner are unable to agree, GELcore’s business may be adversely affected.
We have a 49% minority interest in our GELcore joint venture with General Electric Lighting. A board of managers governs GELcore with two representatives from each of General Electric Lighting and EMCORE and a fifth, selected by General Electric Lighting, who also serves as chief executive officer of GELcore. Many fundamental decisions must be approved by both parties, which means we will be unable to direct the operation and direction of GELcore without the agreement of General Electric Lighting. If we are unable to agree on important commercial issues with General Electric Lighting, GELcore's business may be delayed or interrupted, which may, in turn, materially adversely affect our financial condition and results of operations.
We have devoted and may be required to continue to devote significant funds and technologies to GELcore to develop and enhance its products. We guarantee 49% of any amounts borrowed under GELcore’s approximately $10.0 million revolving credit line, under which GELcore’s outstanding borrowings were approximately $6.4 million as of May 25, 2006. In addition, GELcore requires that some of our employees devote much of their time to its projects. This places a strain on our management, scientific, financial and sales employees. If GELcore is unsuccessful in developing and marketing its products, our business, financial condition and results of operations may be materially adversely affected.
We have agreed with General Electric Lighting that this joint venture will be the sole vehicle for each party's participation in the solid state lighting market. We have both also agreed to several limitations during the life of the venture and thereafter relating to how each of us can make use of the joint venture's technology. One consequence of these limitations is that, in certain circumstances, such as a material default by us or certain sales of our interest in the joint venture, we would not be permitted to use the joint venture's technology to compete in the solid state lighting market.
We have significant international sales, which expose us to additional risks and uncertainties.
Sales to customers located outside the U.S. accounted for approximately 16% of our revenue in the six months ended March 31, 2006, 15% of our revenues in fiscal 2005, 29% of our revenues in fiscal 2004 and 27% of our revenues in fiscal 2003. Sales to customers in Asia represent the majority of our international sales. We believe that international sales will continue to account for a significant percentage of our revenues and we are seeking international expansion opportunities. Because of this, the following international commercial risks may materially adversely affect our revenues:
Exports of certain of our products to certain countries (such as the People's Republic of China, Argentina, Brazil, India, Russia, Malaysia and Taiwan) may require pre-shipment authorization from
U.S. export control authorities, including the U.S. Departments of Commerce and State. Authorization may be conditioned on end-use restrictions. Failure to receive these authorizations may materially adversely affect our revenues and in turn our business, financial condition and results of operations from international sales. Compliance with government regulationsoffering. The prospectus supplement may also subject us to additional fees and costs. The absence of comparable restrictions on competitors in other countries may materially adversely affect our competitive position.
Our satellite business is particularly sensitive to export control issues. All of our commercially available solar cell products are export-controlled. At present, jurisdiction over export of these items is being reviewed by the U.S. Departments of State and Commerce. During this review period, we are required to apply to the U.S. Department of State for export licenses for our solar cell products. Given the current global political climate, obtaining export licenses can be difficult and time-consuming. Failure to obtain export licenses for these shipments could significantly reduce our revenue and could materially adversely affect our business, financial condition and results of operations.
In addition, certain foreign laws and regulations place restrictions on the concentration of certain hazardous materials, including, but not limited to, lead, mercury and cadmium, in our products. Failure to comply with such laws and regulations could subject us to future liabilitiesadd, update or result in the limitation or suspension of the sale or production of our products. These regulations include the European Union's Restrictions on Hazardous Substances, Directive on Waste Electrical and Electronic Equipment and the directive on End of Life for Vehicles. Failure to comply with environmental and health and safety laws and regulations may limit our ability to export products to the EU and could materially adversely affect our business, financial condition and results of operations.
Our operating results could be harmed if we lose access to sole or limited sources of materials, components or services.
We currently obtain some materials, components and services used in our products from limited or single sources. For example, we obtain Germanium for our space-based solar cells from a single supplier. We generally do not carry significant inventories of any raw materials. Because we often do not account for a significant part of our suppliers' businesses, we may not have access to sufficient capacity from these suppliers in periods of high demand. For example, we recently experienced difficulties filling orders in our fiber-to-the-premises business due to limited available capacity of one of our contract manufacturers. In addition, since we generally do not have guaranteed supply arrangements with our suppliers we risk serious disruption to our operations if an important supplier terminates product lines, changes business focus, or goes out of business. Because some of these suppliers are located overseas, we may be faced with higher costs of purchasing these materials if the U.S. dollar weakens against other currencies. If we were to change any of our limited or sole source suppliers, we would be required to re-qualify each new supplier. Re-qualification could prevent or delay product shipments that could materially adversely affect our results of operations. In addition, our reliance on these suppliers may materially adversely affect our production if the components vary in quality or quantity. If we are unable to obtain timely deliveries of sufficient components of acceptable quality or if the prices of components for which we do not have alternative sources increase, our business, financial condition and results of operations could be materially adversely affected.
A failure to attract and retain technical and other key personnel could reduce our revenues and our operational effectiveness.
Our future success depends, in part, on our ability to attract and retain certain key personnel, including scientific, operational and management personnel. The competition for attracting and retaining these employees (especially scientists and technical personnel) is intense. Because of this competition for skilled employees, we may be unable to retain our existing personnel or attract additional qualified employees in the future. If we are unable to retain our skilled employees and attract additional qualified employees to the extent necessary to keep up with our business demands and changes, our business, financial condition and results of operations may be materially adversely affected.
We depend on our management team.
We believe that our ability to successfully implement our business strategy and to operate profitably depends on the continued employment of our senior management team. If the members of the management team become unable or unwilling to continue in their present positions, our business, financial condition and results of operations could be materially adversely affected. Additionally, we generally do not enter into employment agreements with our employees.
Failure to comply with environmental and safety regulations, including through the unsuccessful control of hazardous raw materials used in our manufacturing processes, could result in costly remediation fees, penalties or damages.
We are subject to laws and regulations and must obtain certain permits and licenses relating to the use of hazardous materials. Our production activities involve the use of certain hazardous raw materials, including, but not limited to, ammonia, gallium, phosphine and arsine. If our control systems are unsuccessful in preventing a release of these materials into the environment or other adverse environmental conditions or human exposures occur, we could experience interruptions in our operations and incur substantial remediation and other costs or liabilities.
Our stock price has fluctuated and will continue to fluctuate, which could result in your losing all or a part of your investment.
The market price of our common stock has fluctuated in response to such factors as:
The stock market in general, and The Nasdaq National Market in particular, has experienced extreme price and volume fluctuations in recent years that have significantly affected the quoted prices of the securities of many companies, including companies in our industry. These fluctuations have often been unrelated or disproportionate to the operating performance of individual companies. The price of our common stock could fluctuate based upon factors that have little or nothing to do with our business and these fluctuations could materially adversely affect our stock price.
Certain provisions of New Jersey Law and our Restated Certificate of Incorporation may make a takeover of us difficult even if such takeover could be beneficial to our shareholders.
New Jersey law and our restated certificate of incorporation contain certain provisions that could delay or prevent a takeover attempt that our shareholders may consider in their best interests. For example, we are subject to the New Jersey Shareholders’ Protection Act. This statute has the effect of prohibiting any business combination with an interested shareholder unless the transaction has been approved by our board of directors at a time before the interested shareholder had acquired a 10% ownership interest. This prohibition lasts for five years from when the shareholder became an interested shareholder and continues after that time period subject to certain exceptions. A practical consequence of this statute is that an unsolicited transaction involving us which might be of benefit to our shareholders may not occur.
In addition, our board of directors is divided into three classes. Directors are elected to serve staggered three-year terms and are not subject to removal except for cause by the vote of the holders of at least 80% of our voting stock. In addition, approval by the holders of 80% of our voting stock is required for certain business combinations unless these transactions meet certain fair price criteria and procedural requirements or are approved by two-thirds of our continuing directors. We may in the
future adopt other measures that may have the effect of delaying or discouraging an unsolicited takeover, even if the takeover were at a premium price or favored by a majority of our unaffiliated shareholders. Certain of these measures may be adopted without any further vote or action by our shareholders and this could depress the price of our common stock.
Our directors’ stock ownership may give them the ability to exert control over us and to influence the outcome of matters voted on by our shareholders.
Certain of our directors, specifically Thomas J. Russell, Reuben F. Richards, Jr. and Robert Louis-Dreyfus, collectively beneficially own 9,563,324 shares of our common stock, which amounts to approximately 19% of our common stock currently issued and outstanding. Accordingly, such persons hold sufficient voting power to influence our business and affairs for the foreseeable future, including the election and removal of directors, charter amendments and other matters requiring shareholder approval. This concentration of ownership may also have the effect of delaying, deferring or preventing a change in control of us, which could materially adversely affect our stock price by discouraging third party investors from making takeover offers. In addition, the interests of these shareholders may not always coincide with the interests of our other shareholders.
Our stock price could be adversely affected by the issuance of preferred stock.
Our board of directors is authorized to issue up to 5,882,352 shares of preferred stock with such dividend rates, liquidation preferences, voting rights, redemption and conversion terms and privileges as our board of directors, in its sole discretion, may determine. The issuance of shares of preferred stock may result in a decrease in the value or market price of our common stock, or our board of directors could use the preferred stock to delay or discourage hostile bids for control of us in which shareholders may receive premiums for their common stock or to make our possible sale or the removal of our management more difficult. The issuance of shares of preferred stock could adversely affect the voting and other rights of the holders of common stock and may depress the price of our common stock.
We do not intend to pay cash dividends on our common stock in the foreseeable future, and therefore only appreciation of the price of our common stock will provide a return to our shareholders.
We currently anticipate that we will retain all future earnings, if any, to finance the growth and development of our business. We do not intend to pay cash dividends in the foreseeable future. As a result, only appreciation of the price of our common stock, which may not occur, will provide a return to our shareholders.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
In addition to the other information contained or incorporated by reference in this prospectus,prospectus. Before purchasing any securities, you should carefully consider the risk factors beginning on page 2 of this prospectus in evaluating whether to purchase our common stock. Some of the statements inread this prospectus and the documentsapplicable prospectus supplement and any applicable free writing prospectus together with the additional information described under the heading "Where You Can Find More Information." Under no circumstances should the delivery to you of this prospectus or any offering or sales made pursuant to this prospectus create any implication that the information contained in this prospectus is correct as of any time after the date of this prospectus.
our ability to obtain financing or sell assets and achieve levels of revenue and cost reductions that are adequate to support our capital and operating requirements in order to continue as a going concern; |
· | our abilities to remain competitive and a leader in our |
our ability to achieve structural and material cost reductions without impacting product development or manufacturing execution; |
expected improvements in our product and technology development programs; |
our ability to successfully develop, introduce, market and qualify new products, including our terrestrial solar products; |
our ability to identify and acquire |
other risks and uncertainties described in our filings with the SEC such as: cancellations, rescheduling, or delays in product shipments; manufacturing capacity constraints; lengthy sales and qualification cycles; difficulties in the production process; changes in semiconductor industry growth; increased competition; delays in developing and commercializing new products; and other factors. |
Neither management nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. All forward-looking
supplement.
We
SELLING SHAREHOLDERS
Thirty-Nine Weeks Ended | Fiscal Year Ended September 30, | |||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
N/M* | N/M* | N/M* | 9.0 | N/M* | N/M* |
Beneficial ownership is determinedSecurities Act of 1933. The earnings and fixed charges in accordance with the rules ofabove ratios are calculated using the definitions set forth by Regulation S-K under the Securities Act of 1933.
• | restricting dividends on the common stock; | |
• | diluting the voting power of the common stock; | |
• | impairing the liquidation rights of the common stock; or | |
• | delaying or preventing a change in control of the company without further action by the stockholders. |
The selling shareholders may offer shares under this prospectusissue debt securities from time to time in one or more series. The debt securities will be general obligations of EMCORE Corporation. The debt securities may be fully and unconditionally guaranteed on a secured or unsecured senior or subordinated basis, jointly and severally, by guarantors, if any. In the event that any series of debt securities will be subordinated to other indebtedness that we have outstanding or may elect to sell none, some or allincur, the terms of the sharessubordination will be set forth below. Asin the prospectus supplement relating to the subordinated debt securities. Debt securities will be issued under one or more indentures between us and one or more trustees named in the prospectus supplement, which we refer to as the trustee. The statements made in this prospectus relating to the indenture and the debt securities to be issued under the indenture are summaries of certain terms and provisions of the form of indenture that has been filed as Exhibit 4.2 to the registration statement of which this prospectus forms a result,part and are not complete. You should read the indenture for provisions that may be important to you.
Selling Shareholder | Shares of Common Stock Beneficially Owned Prior to Offering | Number of Shares of Common Stock Included is this Offering | Shares of Common Stock Beneficially Owned After the Offering | |||||||||||||||||||||||||||
Number | Percent | Number | Number | Percent | ||||||||||||||||||||||||||
Force, Inc. | 240,000 | * | 240,000 | 0 | * | |||||||||||||||||||||||||
Phasebridge, Inc. | 128,205 | * | 128,205 | 0 | * | |||||||||||||||||||||||||
Advent Private Equity Fund II 'A' | 20,122 | * | 20,122 | 0 | * | |||||||||||||||||||||||||
Advent Private Equity Fund II 'B' | 12,272 | * | 12,272 | 0 | * | |||||||||||||||||||||||||
Advent Private Equity Fund II 'C' | 18,270 | * | 18,270 | 0 | * | |||||||||||||||||||||||||
Advent Private Equity Fund II 'D' | 4,339 | * | 4,339 | 0 | * | |||||||||||||||||||||||||
Alloy Annex I, L.P. | 57,014 | * | 57,014 | 0 | * | |||||||||||||||||||||||||
Alloy Corporate 2000, L.P. | 7,207 | * | 7,207 | 0 | * | |||||||||||||||||||||||||
Alloy Investors 2000, L.P. | 12,365 | * | 12,365 | 0 | * | |||||||||||||||||||||||||
Alloy Partners 2000, L.P. | 3,073 | * | 3,073 | 0 | * | |||||||||||||||||||||||||
Alloy Ventures 2000, L.P. | 59,973 | * | 59,973 | 0 | * | |||||||||||||||||||||||||
AMA98 Corporate, L.P. | 721 | * | 721 | 0 | * | |||||||||||||||||||||||||
AMA98 Investors, L.P. | 902 | * | 902 | 0 | * | |||||||||||||||||||||||||
AMA98 Partners, L.P. | 363 | * | 363 | 0 | * | |||||||||||||||||||||||||
AMA98 Ventures, L.P. | 6,012 | * | 6,012 | 0 | * | |||||||||||||||||||||||||
Andrei Manoliu | 5,476 | * | 5,476 | 0 | * | |||||||||||||||||||||||||
Anvest, L.P. | 1,659 | * | 1,659 | 0 | * | |||||||||||||||||||||||||
Bessec Ventures V, L.P.(1) | 19,799 | * | 19,799 | 0 | * | |||||||||||||||||||||||||
Bessemer Venture Partners V, L.P. | 29,699 | * | 29,699 | 0 | * | |||||||||||||||||||||||||
Bessemer Venture Investors II, L.P. | 4,442 | * | 4,442 | 0 | * | |||||||||||||||||||||||||
Bookman Family Limited Partnership | 836 | * | 836 | 0 | * | |||||||||||||||||||||||||
Brad Jeffries | 2,952 | * | 2,952 | 0 | * | |||||||||||||||||||||||||
BVE 2001 (Q) LLC | 8,973 | * | 8,973 | 0 | * | |||||||||||||||||||||||||
Selling Shareholder | Shares of Common Stock Beneficially Owned Prior to Offering | Number of Shares of Common Stock Included is this Offering | Shares of Common Stock Beneficially Owned After the Offering | |||||||||||||||||||||||||||
Number | Percent | Number | Number | Percent | ||||||||||||||||||||||||||
BVE 2001 LLC | 545 | * | 545 | 0 | * | |||||||||||||||||||||||||
Catherine Lego(2) | 2,109 | * | 2,109 | 0 | * | |||||||||||||||||||||||||
Christopher L. Kaufman Trust SP Dated 4/12/88 | 340 | * | 340 | 0 | * | |||||||||||||||||||||||||
Dan Rubin | 1,645 | * | 1,645 | 0 | * | |||||||||||||||||||||||||
David E. Sweet and Robin T. Sweet as Trustees of The David and Robin Sweet Living Trust Dated 7/6/04 | 463 | * | 463 | 0 | * | |||||||||||||||||||||||||
David L. Anderson, Trustee, The Anderson Living Trust, U/A/D 1/22/98 | 3,163 | * | 3,163 | 0 | * | |||||||||||||||||||||||||
Derek Oppen | 2,530 | * | 2,530 | 0 | * | |||||||||||||||||||||||||
Fieldhelm Limited | 16,897 | * | 16,897 | 0 | * | |||||||||||||||||||||||||
G. Leonard Baker, Jr. and Mary Anne Baker, Co-Trustees of The Baker Revocable Trust, U/A/D 2/3/03 | 1,026 | * | 1,026 | 0 | * | |||||||||||||||||||||||||
Glen Yonekura | 782 | * | 782 | 0 | * | |||||||||||||||||||||||||
Gregory P. and Sarah J.D. Sands, Trustees, The Gregory P. and Sarah J.D. Sands Trust Agreement dated 2/24/99 | 800 | * | 800 | 0 | * | |||||||||||||||||||||||||
Harmeet Dhillon | 126 | * | 126 | 0 | * | |||||||||||||||||||||||||
Harry Stylli | 80 | * | 80 | 0 | * | |||||||||||||||||||||||||
Inder Singh | 400 | * | 400 | 0 | * | |||||||||||||||||||||||||
Intel Capital Corporation | 29,611 | * | 29,611 | 0 | * | |||||||||||||||||||||||||
JAFCO America Technology Affiliates Fund III, L.P. | 1,082 | * | 1,082 | 0 | * | |||||||||||||||||||||||||
JAFCO America Technology Cayman Fund III, L.P. | 9,075 | * | 9,075 | 0 | * | |||||||||||||||||||||||||
JAFCO America Technology Fund III, L.P. | 9,945 | * | 9,945 | 0 | * | |||||||||||||||||||||||||
JAFCO USIT Fund III, L.P. | 4,389 | * | 4,389 | 0 | * | |||||||||||||||||||||||||
James C. Gaither | 652 | * | 652 | 0 | * | |||||||||||||||||||||||||
James N. White and Patricia A. O'Brien as Trustees of the White Family Trust, U/A/D 4/3/97 | 1,203 | * | 1,203 | 0 | * | |||||||||||||||||||||||||
JDS Uniphase Corporation | 42,181 | * | 42,181 | 0 | * | |||||||||||||||||||||||||
Jeffrey W. Bird and Christina R. Bird as Trustees of Jeffrey W. Bird and Christna R. Bird Trust Agreement Dated 10/31/00 | 1,283 | * | 1,283 | 0 | * | |||||||||||||||||||||||||
John C. Major Family 2000 Trust | 4,218 | * | 4,218 | 0 | * | |||||||||||||||||||||||||
John Lopez | 503 | * | 503 | 0 | * | |||||||||||||||||||||||||
John Teegen | 846 | * | 846 | 0 | * | |||||||||||||||||||||||||
Kirk Freeman | 101 | * | 101 | 0 | * | |||||||||||||||||||||||||
Lawrence Ebringer | 3,786 | * | 3,786 | 0 | * | |||||||||||||||||||||||||
Leighton Read | 218 | * | 218 | 0 | * | |||||||||||||||||||||||||
Lynne M. Brown | 115 | * | 115 | 0 | * | |||||||||||||||||||||||||
Narinder Kapany | 8,436 | * | 8,436 | 0 | * | |||||||||||||||||||||||||
Patricia Tom | 58 | * | 58 | 0 | * | |||||||||||||||||||||||||
Peter Loukianoff | 80 | * | 80 | 0 | * | |||||||||||||||||||||||||
Raj Kapany | 10,902 | * | 10,902 | 0 | * | |||||||||||||||||||||||||
Richard Pantell | 80 | * | 80 | 0 | * | |||||||||||||||||||||||||
Robert Corona | 80 | * | 80 | 0 | * | |||||||||||||||||||||||||
Robert C. Wilson Revocable Trust, dated Sept. 26, 1996, Robert C. Wilson, Trustee | 240 | * | 240 | 0 | * | |||||||||||||||||||||||||
Ronald D. Bernal and Pamela M. Bernal as Trustees of The Bernal Family Trust U/D/T 11/3/1995 | 802 | * | 802 | 0 | * | |||||||||||||||||||||||||
Saunders Holdings, L.P. | 3,319 | * | 3,319 | 0 | * | |||||||||||||||||||||||||
Selling Shareholder | Shares of Common Stock Beneficially Owned Prior to Offering | Number of Shares of Common Stock Included is this Offering | Shares of Common Stock Beneficially Owned After the Offering | |||||||||||||||||||||||||||
Number | Percent | Number | Number | Percent | ||||||||||||||||||||||||||
Sutter Hill Entrepreneurs Fund (AI) L.P. | 659 | * | 659 | 0 | * | |||||||||||||||||||||||||
Sutter Hill Entrepreneurs Fund (QP) L.P. | 1,669 | * | 1,669 | 0 | * | |||||||||||||||||||||||||
Sutter Hill Ventures, a California Limited Partnership | 65,114 | * | 65,114 | 0 | * | |||||||||||||||||||||||||
Tench Coxe and Simone Otus Coxe, Co-Trustees of The Coxe Revocable Trust (4/23/98) | 3,801 | * | 3,801 | 0 | * | |||||||||||||||||||||||||
Tench Coxe, Trustee, The Tamerlane Charitable Remainder Unitrust | 2,821 | * | 2,821 | 0 | * | |||||||||||||||||||||||||
The Photonics Fund, L.P. | 25,309 | * | 25,309 | 0 | * | |||||||||||||||||||||||||
VP Company Investments 2004, LLC | 340 | * | 340 | 0 | * | |||||||||||||||||||||||||
Wells Fargo Bank, N.A. fbo SHV Profit Sharing Plan fbo Michele Y. Phua | 41 | * | 41 | 0 | * | |||||||||||||||||||||||||
Wells Fargo Bank, N.A. fbo SHV Profit Sharing Plan fbo Robert Yin | 58 | * | 58 | 0 | * | |||||||||||||||||||||||||
Wells Fargo Bank, N.A. fbo SHV Profit Sharing Plan fbo Sherryl W. Hossack | 232 | * | 232 | 0 | * | |||||||||||||||||||||||||
William H. Younger, Jr. Trustee, The Younger Living Trust, U/A/D 1/20/95 | 3,895 | * | 3,895 | 0 | * | |||||||||||||||||||||||||
The selling shareholderscommon stock, preferred stock and/or debt securities in one or more series. In this prospectus, we have not held any position or office with, or have otherwise had a material relationship with, us or anysummarized certain general features of our subsidiaries within the past three years, exceptunits. We urge you, however, to read the prospectus supplements related to the series of units being offered, as well as the unit agreements that Mr. Raj Kapany provided certain services to us following the merger of one of our wholly-owned subsidiaries into K2 Optronics, Inc. and currently provides consulting services to us pursuant tocontain the terms of the units. We will file as exhibits to an amendment to the registration statement of which this prospectus is a Consulting Services Agreement.
part, or will incorporate by reference from a current report on Form 8-K that we file with the SEC, as applicable, the form of unit agreement and any supplemental agreements that describe the terms of the series of units we are offering before the issuance of the related series of units.
We are registering the shares on behalf
may enter into agreements with respect thereto. The selling shareholders may also transfer, devise or gift these shares by other means not described in this prospectus. The selling shareholders may also use any one or more of the following methods when selling shares:
In connection with the sale of the common stock or interests therein, the selling shareholders may enter into hedging transactions with broker-dealers or other financial institutions,securities in respect of which may in turn engage in short sales of the common stockthis prospectus is delivered will be named, and any commissions payable by us to such agent will be set forth, in the course of hedging the positions they assume. The selling shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery toapplicable prospectus supplement. Unless otherwise indicated in such broker-dealer or other financial institution of shares offered by this prospectus which sharessupplement, any such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented to reflect such transaction). The selling shareholders may also engage in short sales against the box, puts and calls, loans or pledges and other transactions in our securities or derivatives of our securities and may sell or deliver shares in connection with these trades.
Broker-dealers engaged by the selling shareholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling shareholders (or, if any broker-dealer acts as agent will be acting on a reasonable best efforts basis for the purchaserperiod of shares, from the purchaser) in amounts to be negotiated.
In addition to selling their shares under this prospectus, the selling shareholders also may resell all or a portion of their shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided they meet the criteria and conform to the requirements of that rule. In addition, the selling shareholders may transfer or assign their shares of common stock other than under this prospectus or in reliance upon Rule 144 under the Securities Act, provided the person acquiring the shares agrees to be bound by the terms of the registration rights agreement between us and the selling shareholder, in which case, upon notification ofits appointment. Any such transfer, we will file, to the extent required, a supplement to this prospectus disclosing all required information and the transferees and assignees will be the selling beneficial owner for purposes of this prospectus and may sell the shares of common stock from time to time under this prospectus.
The selling shareholders and any broker-dealers or agents that are involved in selling the sharesagent may be deemed to be ‘‘underwriters’’ within the meaning of Section 2(11) ofan underwriter, as that term is defined in the Securities Act, of the securities so offered and sold.
Because the sellingDirectors is divided into three classes. As a result of this provision, at least two annual meetings of shareholders may be deemedrequired for shareholders to change a majority of the Board of Directors. Our by-laws provide that the Board of Directors shall consist of not less than six nor more than twelve members, with the exact number to be ‘‘underwriters’’ withindetermined by the meaningvote of Section 2(11)not less than 66 2/3 % of the SecuritiesBoard of Directors from time to time. Directors are elected to serve staggered three-year terms and are not subject to removal except for cause by the vote of the holders of at least 80% of our capital stock. Unless otherwise required by law, vacancies on the Board of Directors, including vacancies resulting from an increase in the number of directors or the removal of directors, may only be filled by an affirmative vote of 66 2/3% of the directors then in office. The classification of directors, the ability of the Board of Directors to increase the number of directors, the inability of the shareholders to remove directors without cause or fill vacancies on the Board of Directors and the inability of holders of less than 80% of our capital stock to remove directors even with cause will make it more difficult to change the Board of Directors, and will promote the continuity of existing management.
The selling shareholders have advised us that, as of the date of this prospectus, they have not entered into any agreements, understandings or arrangements with any underwriters or broker-dealers regarding the sale of theircorporation’s securities nor is there an underwriter or coordinating broker acting in connection with the proposed sale of shares by the selling shareholders. However, the selling shareholders may enter into agreements, understandings or arrangements with underwriters or broker dealers regarding the sale of theirbegan to trade on a national securities and upon notification by any selling shareholder that any material arrangement has been entered into with a broker-dealer or underwriter for the sale of shares through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, we will file a supplement to this prospectus, if required, disclosing all required information.
We will pay all registration and filing fees (including all expenses incident to filing with The Nasdaq National Market and any securities exchange), printing expenses, fees and disbursements of our counsel, fees of our independent auditors and accountants, expenses of any regular or special audits incident to or required by any such registration and expenses of complying with the securities or blue sky laws of any jurisdictions. We shall not be responsible for, and the selling shareholders shall pay, all underwriters’ discounts or commissions and the fees and expenses of the selling shareholders’ counsel.
exchange.
Dillon, Bitar & Luther, L.L.C.
INTERESTS OF NAMED EXPERTS AND COUNSEL
An opinion concerning the validity of the issuance of shares of our common stock has been passed upon for us by Howard W. Brodie, Esq., our Executive Vice President and Chief Legal Officer. See Exhibit 5.1 to this Registration Statement. Mr. Brodie beneficially owns 138,756 shares of our common stock, which includes options to purchase 135,000 shares.
INCORPORATION
We have filed a registration statement under the Securities Act with the SEC with respect to the common stock offered under this prospectus. This prospectus is a part of the registration statement. However, it does not contain all of the information contained in the registration statement and its exhibits. You should refer to the registration statement and its exhibits for further information about us and the common stock offered under this prospectus.
Definitive Proxy Statement pursuant to Section 14(a) of the Exchange Act, filed with the SEC on March 27, 2009. | |||
• |
Quarterly |
• |
Current Reports on |
• | The description of our common stock contained in our Registration Statement on Form 8-A filed with the SEC on February 26, |
Please note that all other
We will provide, without charge,is delivered, upon written or oral request of any such person, a copy of any orand all of the reports or documents that have been incorporated herein by reference. Youreference in this prospectus, other than exhibits to such documents unless such exhibits have been specifically incorporated by reference thereto. Requests for such copies should direct requests for documents to:
be directed to our Investor Relations department, at the following address:
ITEM
Distribution
Securities and Exchange Commission registration fee | $ | 865.77 | ||||||
SEC registration fee | $ | 2,790 | ||||||
Printing and engraving fees | 10,000 | |||||||
Legal fees and expenses | 75,000.00 | 20,000 | ||||||
Accounting fees and expenses | 25,000.00 | 10,000 | ||||||
Miscellaneous | 5,000.00 | |||||||
Total | $ | 105,865.77 | $ | 42,790 | ||||
ITEM
Officers
3.1 | Restated Certificate of Incorporation, dated April 4, 2008 (incorporated by reference to Exhibit 3.1 to Registrant's Current Report on Form 8-K filed on April 4, 2008). |
3.2 | Amended By-Laws, as amended through August 7, 2008 (incorporated by reference to Exhibit 3.1 to Registrant’s Current Report on Form 8-K filed on August 13, 2008). |
4.1 | Specimen certificate for shares of common stock (incorporated by reference to Exhibit 4.1 to Amendment No. 3 to the Registration Statement on Form S-1 (File No. 333-18565) filed with the Commission on February 24, 1997). |
4.2 | Form of Indenture.* |
4.3 | Form of Debt Security (included in Exhibit 4.2).* |
4.4 | Form of Warrant.** |
4.5 | Form of Warrant Agreement.** |
5.1 | Opinion of Dillon, Bitar & Luther, L.L.C.* |
12.1 | Statement of Computation of Ratios of Earnings to Fixed Charges.* |
21.1 | Subsidiaries of Registrant.* |
23.1 | Consent of Deloitte & Touche LLP.* |
23.3 | Consent of Dillon, Bitar & Luther, L.L.C. (contained in Exhibit 5.1).* |
25.1 | Statement of Eligibility of Trustee for the Debt Securities.*** |
ITEM 16. Exhibits.
Please see exhibit index immediately following signature page.
ITEMTrust Indenture Act.
Undertakings
statement; and
Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post−effective amendment by those paragraphs is contained in reports
II-1
filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(b) The undersigned registrant hereby undertakes that,(2) That, for the purposespurpose of determining any liability under the Securities Act, each post-effectivesuch post−effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.
(c) The undersigned registrant hereby undertakes to
(d) The undersigned registrant hereby undertakes that,
(e) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
(f) The undersigned registrant hereby undertakes that:
(1) for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
II-2
SIGNATURES
EMCORE CORPORATION | ||
Date: July 2, 2009 | By: | /s/ Reuben F. Richards |
Reuben F. Richards, Jr. | ||
Executive Chairman & Chairman of the Board (Principal Executive Officer) |
Date: July 2, 2009 | By: | /s/ Hong Q. Hou |
Hong Q. Hou, Ph.D. | ||
Chief Executive Officer (Principal Executive Officer) |
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Thomas G. Werthan and Howard W. Brodie, Esq., and each of them, his or her true and lawful attorney-in-fact and agent, with full power and substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this registration statement (including any and all pre-effective and post-effective amendments), any registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact, agents, or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.
Signature | Title | |
/s/ Reuben F. Richards | ||
Reuben F. Richards, Jr. | Executive Chairman and Chairman of the Board (Principal Executive Officer) | |
/s/ Hong Q. Hou | ||
Hong Q. Hou, Ph.D. | President, Chief Executive Officer, and Director (Principal Executive Officer) | |
/s/ John M. Markovich | ||
John M. Markovich | Chief Financial Officer (Principal Financial and Accounting Officer) | |
/s/ Thomas J. Russell | ||
Thomas J. Russell, Ph.D. | ||
/s/ | ||
Charles T. Scott | Director | |
/s/ John Gillen | ||
John Gillen | Director | |
/s/ Robert Bogomolny | ||
Robert Bogomolny | ||
Director | ||
EXHIBIT INDEX
Exhibit Number | Exhibit | ||||||||
4 | .1 | — | Restated Certificate of Incorporation, dated December 21, 2000 (incorporated by reference to Exhibit 3.1 of the Registrant’s Annual Report on Form 10-K for the fiscal year ended September 30, 2000) | ||||||
4 | .2 | — | Amended By-Laws, as amended through December 21, 2000 (incorporated by reference to Exhibit 3.2 of the Registrant’s Annual Report on Form 10-K for the fiscal year ended September 30, 2000) | ||||||
4 | .3 | — | Specimen certificate for shares of common stock (incorporated by reference to Exhibit 4.1 to Amendment No. 3 to the Registration Statement on Form S-1 (File No. 333-18565) filed with the Commission on February 24, 1997) | ||||||
4 | .4 | — | Registration Rights Agreement dated as of January 12, 2006, by and among EMCORE Corporation and the former stockholders of K2 Optronics, Inc., listed on Schedule A thereto | ||||||
4 | .5 | — | Registration Rights Agreement dated as of December 18, 2005, by and between EMCORE Corporation, and Force, Inc. | ||||||
4 | .6 | — | Registration Rights Agreement dated as of November 8, 2005, by and between EMCORE Corporation, and Phasebridge, Inc. | ||||||
5 | .1 | — | Opinion of Howard W. Brodie, Esq. | ||||||
23 | .1 | — | Consent of Deloitte & Touche LLP | ||||||
23 | .2 | — | Consent of Howard W. Brodie, Esq. (included in Exhibit 5.1) | ||||||
24 | .1 | — | Power of Attorney (included on signature page) | ||||||