Solar equipment supplier Amtech Systems said “adequate cash resources” are the reason for withdrawing a US$60 million shelf registration filed earlier this year.
The comments were made by chief executive J. S. Whang in a media statement Friday last week, after the board approved the company's proposal to withdraw the shelf registration filed with the US Securities and Exchange Commission on February 8.
Such registrations are typically made in anticipation of a revenue raising public offering, but Whang said the company had a “healthy cash balance”.
Amtech claims a 40% market share of the solar cell diffusion market. Preliminary third quarter financial year results released in July recorded revenue of US$70 million, a 14% increase over the preceding quarter and 62% increase over the third quarter of fiscal 2010.
Whang said company objectives remained “further improvements to our core solar diffusion technology, exploiting our N-type cell technology, developing our solar ion implant solution, and continuing our historically successful acquisition efforts.”