UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): December 10, 2007
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Ibis Technology Corporation
(Exact name of Registrant as Specified in its Charter)
Massachusetts 000-26824 04-2987600
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
32 Cherry Hill Drive
Danvers, Massachusetts 01923
(Address of Principal Executive Offices)
(978) 777-4247
(Registrant's telephone number, including area code)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On December 10, 2007, Ibis Technology Corporation (the "Company") received
a letter from the Nasdaq Stock Market advising that for the previous 30
consecutive business days, the bid price of the Company's common stock (the
"Common Stock") had closed below the minimum $1.00 per share requirement for
continued inclusion on the Nasdaq Global Market pursuant to Nasdaq Marketplace
Rule 4450(a)(5). This notification has no effect on the listing of the Common
Stock at this time.
Nasdaq stated in its letter that in accordance with Nasdaq Marketplace Rule
4450(e)(2), the Company will be provided 180 calendar days, or until June 9,
2008, to regain compliance with the minimum bid price requirement. The Nasdaq
letter also states that if, at any time before June 9, 2008, the bid price of
the Common Stock closes at $1.00 per share or more for a minimum of 10
consecutive business days, the Nasdaq staff will provide the Company with
written notification that it has achieved compliance with the minimum bid price
requirement.
If the Company does not regain compliance with the minimum bid price
requirement by June 9, 2008, the Nasdaq staff will provide the Company with
written notification that the Common Stock will be delisted from the Nasdaq
Global Market. At that time, the Company may appeal the delisting determination
to a Nasdaq Listings Qualifications Panel pursuant to applicable Nasdaq rules.
Alternatively, Nasdaq Marketplace Rule 4450(i) may permit the Company to
transfer the Common Stock to the Nasdaq Capital Market if the Common Stock
satisfies all criteria, other than compliance with the minimum bid price
requirement, for initial inclusion on such market. In the event of such a
transfer, the Nasdaq Marketplace Rules provide that the Company will be afforded
an additional 180 calendar days to comply with the minimum bid price requirement
while listed on the Nasdaq Capital Market.
On December 12, 2007, the Company issued the press release attached to this
Current Report as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
99.1 Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IBIS TECHNOLOGY CORPORATION
Date: December 12, 2007
By: /William J. Schmidt
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Name: William J. Schmidt
Title: Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release