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ACM Research Announces Approval of Proposed Listing of Shares of ACM Research (Shanghai) by the Listing Committee for the Shanghai Stock Exchange STAR Market
FREMONT, Calif., Oct. 01, 2020 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer cleaning technologies for advanced
About this update from Acm Research, Inc.
[{"type":"text","content":"FREMONT, Calif., Oct. 01, 2020 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer cleaning technologies for advanced semiconductor devices, today announced the approval of the proposed listing of shares of ACM's principal operating subsidiary ACM Research (Shanghai), Inc. (“ACM Shanghai”) by the Listing Committee for the Shanghai Stock Exchange STAR Market.\n In May 2020 ACM Shanghai submitted its application for an initial public offering of its shares on the STAR Market. On September 30, 2020, the application was approved by the Listing Committee of the STAR Market. The STAR Market listing of ACM Shanghai’s shares remains subject to submission of formal registration and to review and approval by the China Securities Regulatory Commission. ACM’s President and Chief Executive Officer Dr. David Wang commented, “This represents an important milestone for us, and we are excited about the progress we are making towards the STAR Market listing and related IPO. Our plan remains on track to price the transaction by year-end, pending timely approvals. We expect to use net proceeds of the STAR Market IPO to fund product development in order to upgrade and expand our process equipment to more advanced process nodes, to provide working capital for demo tools to current and new customers globally, and to fund the land lease and building construction for ACM Shanghai’s R&D and production center in the Lingang region of Shanghai. We believe the STAR Market listing combined with ACM’s current listing of Class A common stock on Nasdaq will help accelerate our pace to become a global player in the semiconductor equipment industry.” About ACM Research, Inc. ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. The company is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. Forward-Looking Statements Statements contained in the third paragraph of this press release include forward-looking for purposes of the safe harbor provisions of the Private ...