I’ve been saying for awhile now that Evergreen Solar (ESLR) is a good candidate for going out of business or being bought out at fire sale prices.  Nothing has changed.  The company still burns through cash and is months away from getting manufacturing operations going at full speed in China.  Time is running out and the first step to extinction is a delisting from the Nasdaq. 

====> Click Here For Your FREE Evergreen Solar Analysis

Having traded under a buck for the past month, it’s in danger of being removed so the company has asked shareholders to approve a 1:6 reverse split at the shareholder meeting July 27th.  Of course that just buys the company a little time which they’ll need considering they aren’t expected to even come close to profitability until at least 2012.

Not only is the company running out of time to get its China operations running at full speed, but Raymond James points out they are heavily exposed to the sliding Euro and get 84% of revenues from Europe.  If you think the Euro will rebound and they will get their China operations running quickly, then ESLR may not be a bad lotto ticket,  but I’m not touching this company down here.