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ACM Research Responds to Newly Released SEC Guidelines Under Holding Foreign Companies Accountable Act
FREMONT, Calif., Dec. 07, 2021 (GLOBE NEWSWIRE) -- ACM Research, Inc. (ACM) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor
About this update from Acm Research, Inc.
[{"type":"text","content":"FREMONT, Calif., Dec. 07, 2021 (GLOBE NEWSWIRE) -- ACM Research, Inc. (ACM) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, responded today to guidelines adopted by the U.S. Securities and Exchange Commission (SEC) on December 2, 2021 to implement the U.S. Holding Foreign Companies Accountable Act of 2020. The new guidelines, among other things, allow the SEC to prohibit the securities of a company from being traded or listed on U.S. securities markets if the company retains a foreign audit firm that cannot be inspected by the Public Company Accounting Oversight Board (PCAOB) for three consecutive years because the audit firm is located in a foreign jurisdiction that does not permit PCAOB inspection of the company’s audits. “ACM is confident in its ability to comply with the SEC’s newly announced requirements and is committed to maintain the trading and listing of ACM’s Class A common stock on U.S. capital markets,” said Dr. David Wang, President and Chief Executive Officer of ACM. “We expect to implement appropriate changes in a timely manner to comply with the new SEC guidelines by either transitioning our current audit relationship to BDO USA, LLP, an affiliate of our current auditor BDO China Shu Lun Pan Certified Public Accountants LLP, or to another PCAOB-registered audit firm if so required.” Dr. Wang explained, “ACM is a U.S.-based company with its primary operating subsidiary based in China and an R&D center and manufacturing facility in Korea. This structure has supported ACM’s ability to scale a profitable business with five major semiconductor manufacturing customers based in China and Korea and has resulted in proven success for our multiple product offerings. ACM intends to further expand its operations in the United States, Europe and additional regions in Asia to support future potential global customers with our proprietary differentiated semiconductor technologies.” 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, which are critical to advanced semiconductor device manufacturing and wafer-level packaging. The company is committed to delivering customized, high-performance, cost-effect...