STR Holdings, Inc. (OTCMKTS:STRI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On May 2, 2017, Dr. Daniel Ping Yu was appointed to the Board of Directors (the “Board”) of STR Holdings, Inc. (the “Company”). Dr. Yu was selected as a member of the Board to the terms of the Stock Purchase Agreement, dated as of August 11, 2014 (the “Purchase Agreement”), by and between the Company and Zhen Fa New Energy (U.S.) Co., Ltd. (the “Purchaser”), a Nevada corporation and an affiliate of Zhenfa Energy Group Co., Ltd., a Chinese limited liability company. to the Purchase Agreement, Dr. Yu was nominated by the Purchaser to fill a vacancy on the Board. The Company also expects that the Board will appoint Dr. Yu as a member of its Audit Committee.
Dr. Yu, 53, currently serves as Chief Executive Officer of UDA Education Consulting Group, based in New York and Shanghai, and as Business Representative and Advisor to China Capital Investment Group. Dr. Yu specializes in Sino-US business, education and NGO cooperation, and was previously China Country Director for the American Bar Association Rule of Law Initiative and a Senior Fellow at New York University School of Law. Dr. Yu graduated from East China University of Political Science and Law in 1984 (B.A., Law) and Fudan University (Ph.D) in 1987, and received his Juris Doctorate at the University of Washington (Seattle) School of Law. Dr. Yu has taught at Fudan University, Chicago University, and New York University, and has also been a director for a number of private companies during his career.
It is anticipated that Dr. Yu’s extensive experience in American and Chinese partner relationships, as well his legal background, will bring valuable perspectives to the Board.
Dr. Yu is an independent director (in accordance with the rules of the New York Stock Exchange). Dr. Yu does not have a family relationship with any other director or executive officer. There are no arrangements or understandings, other than the Purchase Agreement, to which Dr. Yu was selected as a director. There have been no transactions nor are there any proposed transactions between the Company and Dr. Yu, including transactions in which Dr. Yu has or would have a direct or indirect material interest, that would require disclosure to Item 404(a) of Regulation S-K.
About STR Holdings, Inc. (OTCMKTS:STRI)
STR Holdings, Inc. is a holding company. The Company is a provider of encapsulants to the solar industry. Encapsulant is a component used to protect solar cells and hold solar modules together. The Company has developed ethylene-vinyl acetate (EVA)-based encapsulants for use in commercial solar module manufacturing. The Company’s encapsulant formulations offer a range of properties and processing attributes, including various curing times and temperatures that align with the requirements of its customers’ individual lamination processes and module constructions. The Company’s formulations can be used in both crystalline silicon and thin-film modules. The Company operates production facilities in Llanera, Asturias, Spain and Shajiabang, Changshu, Jiangsu Province, China. It has a total annual production capacity of approximately 5.1 gigawatts. Its customers are solar module manufacturers located mainly in North America, Europe and Asia. STR Holdings, Inc. (OTCMKTS:STRI) Recent Trading Information
STR Holdings, Inc. (OTCMKTS:STRI) closed its last trading session 00.000 at 0.200 with shares trading hands.