ACM Research Provides Updates on STAR Market IPO of ACM Research (Shanghai)
December 15 2020 - 4:30PM
ACM Research, Inc. (“ACM”) (NASDAQ:ACMR), a leading supplier of
wafer cleaning technologies for advanced semiconductor
devices
, today provided updates on the status of
the proposed initial public offering (“STAR Market IPO”) and
listing of shares of ACM’s operating subsidiary ACM Research
(Shanghai), Inc. (“ACM Shanghai”) on the STAR Market of the
Shanghai Stock Exchange.
ACM announced that the Shanghai Securities and Exchange
Commission (“SSEC”) has completed its review of the Verification
Report of ACM’s self-inspection (“Verification Report”) as prepared
by the lead underwriter of the STAR Market IPO. The Verification
Report is a response to the allegations regarding ACM’s business
and operations contained in a report issued on October 8, 2020
by J Capital Research USA LLC. The SSEC posted the Verification
Report on its website at http://kcb.sse.com.cn/ on December 15 in
its original Chinese-language form. ACM has subsequently furnished
an English translation of the Verification Report as an exhibit to
a Current Report on Form 8-K filed with the U.S. Securities and
Exchange Commission on December 15, 2020. The Form 8-K can be
accessed on ACM's investor relations website at
https://ir.acmrcsh.com/ or the U.S. Securities and Exchange
Commission's website at www.sec.gov.
ACM’s President and Chief Executive Officer Dr. David Wang
commented, “As noted in our third quarter earnings conference call,
ACM Shanghai’s STAR Market IPO team, including its investment bank,
legal team, and auditing team, contributed to the Verification
Report, which sets forth a point-by-point review of all the
allegations. We are encouraged by the completion of the SSEC’s
review of the Verification Report, which refutes the assertions and
conclusions of what we consider to be an erroneous and biased
report.”
ACM is continuing forward with the registration process with the
China Securities Regulatory Commission. Due to the additional
review time required for the report issued by J Capital Research
USA LLC and other factors, the Company currently targets completion
of the STAR Market IPO and listing of shares of ACM Shanghai in the
first quarter of 2021. The target is dependent upon a timely review
and registration by the China Securities Regulatory Commission, and
is subject to market conditions and other factors.
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
The statements in the fourth paragraph of this press release
with respect to the completion and timing of ACM Shanghai’s IPO and
listing of shares on the STAR Market are not historical facts and
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Those statements,
which are expectations only, reflect management's current views,
are based on certain assumptions, and involve risks and
uncertainties. ACM Shanghai may not be able to complete its STAR
Market IPO and listing for a number of reasons, many of which are
outside ACM Shanghai’s control and any of which could be
exacerbated even further by the continuing COVID-19 pandemic in
China and globally. Among other factors, ACM Shanghai must obtain
Chinese governmental approvals required to permit the STAR Market
IPO and listing, one or more of which approvals may be denied, or
significantly delayed, by the regulators for reasons outside of, or
unknown to, ACM Shanghai. Similarly, the STAR Market listing
application may be denied or delayed by the China Securities
Regulatory Commission in its discretion. ACM undertakes no
obligation to publicly update these forward-looking statements to
reflect events or circumstances that occur after the date hereof or
to reflect any change in its expectations with regard to these
forward-looking statements or the occurrence of unanticipated
events.
© ACM Research, Inc. The ACM Research logo is a trademark of ACM
Research, Inc. For convenience, this trademark appears in this
press release without a ™ symbol, but that practice does not mean
that ACM Research will not assert, to the fullest extent under
applicable law, its rights to such trademark.
For investor and media inquiries, please
contact:
In the United States: |
The Blueshirt Group |
|
Ralph
Fong |
|
+1 (415)
489-2195 |
|
ralph@blueshirtgroup.com |
|
|
In China: |
The
Blueshirt Group Asia |
|
Gary
Dvorchak, CFA |
|
+86 (138)
1079-1480 |
|
gary@blueshirtgroup.com |
ACM Research (NASDAQ:ACMR)
Historical Stock Chart
From Mar 2024 to Apr 2024
ACM Research (NASDAQ:ACMR)
Historical Stock Chart
From Apr 2023 to Apr 2024