News

24 June 2009

 

Tegal given cure period to comply with NASDAQ listing requirements

The NASDAQ Stock Market LLC has provided plasma etch and deposition system maker Tegal Corp of Petaluma, CA, USA a period under the NASDAQ Listing Rules during which it can cure its existing deficiency.

This follows Tegal announcing that, as a result of the recent resignation of Edward A. Dohring from its board of directors, it no longer complies with NASDAQ's requirements, both on independent directors and on audit committee composition, for continued listing as set forth in NASDAQ Listing Rules 5606(b)(1) and 5605(c)(2)(A), respectively.

Under the NASDAQ Listing Rules, Tegal may regain compliance within a cure period up to the firm's next annual shareholders’ meeting or 16 June 2010 (which ever comes first). Alternatively, if the next annual shareholders’ meeting is before 14 December 2009, then the firm must give evidence of compliance before that.

Tegal says that it intends to evaluate qualified candidates to fill the vacancy created by Dohring’s resignation, with a goal of curing the deficiency before the cure period expires.

See related items:

Tegal doubles revenue and halves loss, boosted by AMMS acquisition

Tegal’s revenues fall 57% quarter-to-quarter

Search: Tegal Plasma etch

Visit: www.tegal.com