Monday, February 2, 2009

Chip equipment maker Ibis Technology shuttered

By Mass High Tech staff

After a rocky past year, Ibis Technology Corp. stockholders voted in favor of shutting operations. The Danvers-based maker of implantation equipment for the semiconductor industry has been in operation since 1987.

The Ibis board of directors will plan the date for deciding stockholder eligibility for receiving liquidation distribution.

The announcement comes just over a year after Ibis first reported receiving a non-compliance letter from The Nasdaq Stock Market. At the time in December 2007, the company was granted 180 calendar days to raise the price of the stock to above $1 per share for 10 consecutive days to achieve compliance. At that time, Ibis also announced the appointment of Martin Reid as CEO of the company, following the unexpected death of former CEO Charles McKenna.

In June 2008, 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. And then in August, Ibis had its common stock officially delisted from The Nasdaq Stock Market.

As of August, Ibis had about 30 workers employed.