Troy, Mich., Sept. 5, 2001 – Energy Conversion Devices, Inc. (ECD) (NASDAQ:ENER) announced today that, pursuant to the Stock Purchase Agreement between ECD and Texaco Inc. (NYSE:TX), Texaco has exercised its right to maintain its 20 percent interest in ECD following 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.
ovonic.com
That's an average price of $19.85. It would be nice if the company would purchase shares on the open market when they fall like they have recently. They could have made a cool million by buying them back at 17 and change today, while supporting the price. By the looks of the volume, surely it's not.
Texaco apparently feels like it is getting a deal, and so do I. The more money this company accumulates, the lower it goes, just the opposite of the dot coms 2 years ago. And there is no burn rate. Go figure.
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