SiliconBeat

Shares of Electroglas, the San Jose maker of chip manufacturing equipment that is struggling to stay afloat during the worst downturn ever for chip makers and the company’s that serve them, will no longer be traded on Nasdaq as of Monday morning.

The delisting follows the withdrawal by the company of its request to appeal the decision by Nasdaq Staff to delist its stock because the company no longer complies with a listing requirement that it maintain a minimum of $2.5 million in shareholder equity.

Electroglas says it expects its shares will begin trading over-the-counter under the ticker symbol EGLS:OB.

Yesterday the company said it would soon announce additional steps it will be taking to “to dramatically lower (its) break even point.”

On Tuesday, four of the directors on the company’s board decided to resign as part of the company’s efforts to reduce expenses. John Osborne, Mel Friedman and Jorge Titinger each said they would step down March 18, while C. Scott Gibson, a member of the board who previously announced his resignation effective May 31, moved his resignation up to March 18 as well.

The company’s recently appointed chief executive, Warren Kocmond, was named a director the same day.