Adept Technology re-listed on NASDAQ
Livermore, CA —Common stock of Adept Technology Inc . (new trading symbol: ADEP) has been re-listed on the NASDAQ. The provider of intelligent vision-guided robotics and global robotics services has been approved by the NASDAQ Listing Qualifications Panel and trading of the stock on the national market system began Nov. 15.
“Our re-listing represents a very significant event for the company,” said Robert H. Bucher, company chairman and CEO. “We believe that our move back to the NASDAQ is an important step forward for the company and our shareholders, because we believe the stability and coverage of the NASDAQ national market furthers our efforts to deliver growth and enhanced shareholder value.”
Adept’s financial turnaround is attributed largely to a healthy market for robotics technologies in a variety of fields—including disk-drive manufacturing, food and beverage, and packaging—and to a new management team. The company teetered on a financial brink in 2003, with many speculating it would fail from pressure of lower-cost Japanese alternatives. Adept’s current market capitalization is just under $50 million, with more than 6.1 million shares outstanding. The stock had been trading on the OTC Bulletin Board under the symbol “ADEO.”
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—Control Engineering Daily News Desk
Jeanine Katzel, senior editor, email@example.com