March 25 (Reuters) - Shares of Arise Technologies opened down over 3 percent on Friday, a day after the solar technology company delayed reporting its fourth-quarter results.
Waterloo, Ontario-based Arise, which had plans of doubling production at its photovoltaic cell facility in Germany, owed German bank Commerzbank AG about 20 million euros at the end of last year.
Arise had to secure funds by Feb. 28 to get the loan extended till end-2011, but failed to meet the requirements set by the bank earlier this month.
According to an agreement with Commerzbank, if Arise failed to meet the conditions, the bank had the right to sell off the company’s German production plant.
Arise, which was scheduled to report its quarterly results on Friday, delayed it to Mar. 29.
For the fourth quarter, analysts on an average expect the company to post a loss of 1 Canadian cent per share on revenue of C$20.7 million, according to Thomson Reuters I/B/E/S
Shares of the company were trading down over 3 percent at 14 Canadian cents on Friday morning on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni Menon) (Reporting by Gowri Jayakumar)