Honolulu-based Hoku Corp. said today it borrowed $10 million from  the New York branch of China Merchants Bank Co. to pay for expenses at its polysilicon production plant being built in Idaho.

The five-year loan was secured by a standby letter of credit drawn by Hoku’s majority shareholder, China-based Tianwei New Energy Holdings. To date, Hoku has borrowed a total of $78 million from China Merchants Bank.

Hoku also announced that it received a letter from the Nasdaq Stock Market saying that the company is not in compliance with Nasdaq listing requirements because it did not file its last quarterly earnings report on time. Hoku officials said it delayed the filing because it was analyzing the impact of recent declines in the market price for polysilicon.

Hoku has until April 23 to submit a plan to regain compliance. If the plan is approved Hoku would have until Aug, 19, 2012 to file the report.

Hoku shares closed down 4 cents at 76 cents on the Nasdaq Stock Market today.