May 6, 2003 – Petaluma, CA – Tegal Corp., a designer and manufacturer of plasma etch and deposition systems used in the production of ICs, has transfered the listing of its common stock to the NASDAQ SmallCap Market. The transfer will be effective at the opening of trading on May 6.
The company’s continued listing on the NASDAQ SmallCap Market is contingent upon the successful completion of an application and review process. The listing of Tegal’s common stock will continue under the NASDAQ trading symbol TGAL.
Tegal also said that its stockholders have given its board of directors the authority to effect, should it elect to do so, a reverse split of the company’s common stock within a range of two-for-one to 15-for-one. The timing and ratio of a reverse split, if any, is at the sole discretion of the Tegal board of directors. The action was approved on April 28, 2003, at a special meeting of Tegal stockholders.