Electroglas, the San Jose supplier of wafer testing tools to the chip making industry, filed for bankruptcy protection saying that “as a result of the global economic recession, demand for semiconductor manufacturing equipment has declined dramatically,” according to a press release it issued.
Earlier today the company filed notice with the SEC that its chief executive served notice Read the rest of this entry »
Electroglas, the beleaguered supplier of wafer testing systems to chip manufacturers, said Friday that Warren Kocmond, the chief executive it named on Feb. 9, announced on Monday that he would be resigning as of Aug. 3, although he will continue to serve on the company’s board of directors. The company’s chairman and former CEO, Thomas Rohrs, will replace him as interim CEO.
The company cut its workforce by Read the rest of this entry »
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 Read the rest of this entry »
Electroglas, which cut its work force by 15 percent and reduced salaries for those remaining by the same amount, said the steps were “not enough to compensate for the precipitous drop in revenue” during its fiscal 2009 third quarter, for which it released results today.
“Clearly we are disappointed in these quarterly results,” said the company’s recently apointed Read the rest of this entry »
Shares of Electroglas, the San Jose maker of semiconductor manufacturing equipment, got a jolt Tuesday after the company announced an agreement it has struck with FormFactor, the Livermore maker of wafer probe cards used to make chips.
Electroglas will provide FormFactor with tools and related technologies worth as much as Read the rest of this entry »
Electroglas was warned by the Nasdaq stock market last week that the amount of stockholder equity the company reported for its quarter ended March 1 fell below the $10 million minimum threshold level needed for continued listing, according to a filing today.
Nasdaq’s staff has ”invited” Electroglass to ”make a submission evidencing” its ability to regain and sustain its compliance. (We have begun to grow fond of the language of filings, redolent as they are of lawyers, and so we quote from them more than perhaps we should.)
The company says it intends to do just that. At the same time Electroglas said it will continue its efforts to ”maintain and enhance” positive cash flow, cut expenses and use of its operating cash and transfer manufacturing of its wafer-testing probers from its facilities in Singapore to Flextronics.
Subscribe via RSS all feeds