Tuesday, August 12, 2008

Ibis Technology booted from Nasdaq

By Mass High Tech Staff

Ibis Technology Corp., a maker of implantation equipment for the semiconductor industry, has announced that, as of Wednesday, the company common stock will be delisted from The Nasdaq Stock Market.

Ibis (Nasdaq: IBIS) will trade under the symbol “IBIS” or “IBIS.PK” on the Pink Sheets, an electronic quotation service for over-the-counter securities, and will be quoted on the OTC Bulletin Board.

The Danvers-based company received its first non-compliance letter in December but was granted 180 calendar days to raise the price of the stock to above $1 per share for 10 consecutive days to achieve compliance. In June, the company received a second notification of its common stock falling below the Nasdaq-required bid price of $1 per share for the previous 30 consecutive business days.

Ibis is working with BlueLake Partners LLC, a Londonderry, N.H., investment bank, to determine alternatives for stockholders.

Founded in 1987, the company develops implantation equipment for the semiconductor industry and employs about 30 workers. In December 2007, Ibis appointed Martin Reid as CEO after the unexpected death of former CEO Charles McKenna.

Ibis Technology reported a net loss of $8.5 million on revenue of $950,000 in 2007.