Adept Technology Inc., a Livermore, Calif.-based supplier of vision-guided robotics and robotics services, says it has received notification that its common stock has been approved for re-listing on the NASDAQ exchange. Trading on the NASDAQ National Market System is expected to begin with the opening of trading on Tuesday, 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.
During a presentation made on Nov. 10 at a robotics industry gathering in Orlando, Fla., Bucher said he now intends to emphasize innovation at Adept. “Unfortunately in our business, we have spent all of our time duplicating what everybody else does and trying to make it cheaper. We have to start doing something new,” said Bucher, in remarks before the annual Robotics Industry Forum, sponsored by the Robotics Industries Association, an Ann Arbor, Mich.-based trade organization.
Bucher said that Adept’s new direction will include “moving more into software and software adoption of mechanical capabilities,” with an expanded focus on robot networking and better use of sensors and data.
“We’re going to move away from margin-based approaches to more advanced advantages of our product line, and move from refining to a design-for-innovation approach, and expand what were doing in terms of the industries that we serve,” Bucher told the Orlando audience. “I want to move us from being a commodity player into a true industry player. And that’s the only way to do it,” he said.
Adept Technology has been trading on the OTC Bulletin Board under the trading symbol "ADEO", but will change its trading symbol to "ADEP" on the NASDAQ National Market System. The company currently has a market capitalization of just under $50 million, based on its closing share price on November 8, 2005, with just over 6.1 million shares outstanding.