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Electroglas to be delisted from Nasdaq
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EE Times


SAN FRANCISCO—Semiconductor manufacturing equipment vendor Electroglas Inc. will be delisted from the Nasdaq stock market effective March 23, the company said Friday (March 20).

Electroglas said it was notified of the delisting following the company's withdrawal of a request for an appeal hearing in front of the Nasdaq listing qualifications staff to determine if the company could remain listed despite non-compliance with a Nasdaq rule requiring companies to maintain at least $2.5 million in market capitalization.

Electroglas (San Jose, Calif.) said last month it would request a hearing after being notified it could be delisted.

Electroglas said Friday it withdrew the request after determining it was not likely to be in compliance with the $2.5 million rule within the timeframe provided by Nasdaq rules.

Electroglas shares closed at 5 cents Friday and the company's market capitalization stood at about $1.3 million, according to data provided by Capital IQ, a financial research division of Standard and Poor's.

Electroglas said its securities would begin trading Monday on the Over-the-Counter Bulletin Board, an electronic quotation service maintained by the Financial Industry Regulatory Authority.

Electroglas earlier this week reported a GAAP net loss of $4.5 million on revenue of $2.2 million for the quarter ended Feb. 28. Revenue was down 65 percent sequentially and 81 percent year-over-year, the company said.



Related Links:

  • Electroglas appoints new CEO
  • Electroglas faces delisting, hires Needham



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