The stock of Adept Technology Inc. (www.adept.com), a Livermore, Calif.-based supplier of vision-guided robotics and robotics services, was approved for re-listing on the NASDAQ exchange, with trading beginning on Nov.
15.
(NASDAQ, the National Association of Securities Dealers Automated Quotation system, is a system for the electronic trading of stocks.)
“Our re-listing on the NASDAQ represents a very significant event for the company,” said Adept Chairman and Chief Executive Officer Robert H. Bucher, in a press release announcing the action. “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. It also provides both the market visibility and access that are of paramount importance to institutional investors.”
Bucher, who joined Adept in his current capacity in November 2003, has directed a restructuring at the company that led to elimination of 40 percent of the company’s product line, in order to focus on core profitable products and businesses. The company has recently reported seven straight quarters of profitability.
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