ACM Research Announces Additional Equity Investments in ACM Research (Shanghai), Inc.
December 16 2019 - 3:05PM
ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of
wafer cleaning technologies for advanced semiconductor devices,
today announced that it has completed a second tranche of private
equity investments in its principal operating subsidiary, ACM
Research (Shanghai), Inc. (“ACM Shanghai”), totaling RMB 228.2
million ($32.4 million at current exchange rates).
The financing was completed in support of ACM Shanghai’s plan to
list its shares on the Shanghai Stock Exchange’s
Sci-Tech
innovAtion boaRd, known as the
STAR Market. In the financing, ACM Shanghai sold shares at a
pre-money valuation of RMB 4.84 billion ($688.9 million) to eight
China-based investment firms, including Shanghai Integrated Circuit
Industry Fund Co., Ltd, Shanghai Pudong Emerging Industry
Investment Co., Ltd and Shanghai Zhangjiang Technology Venture
Capital Co., Ltd.
ACM also announced that ACM Shanghai has completed its
transformation to become a corporation, another key step in listing
ACM Shanghai shares on the STAR Market. Plans remain on track to
submit, by mid-2020, ACM Shanghai’s application for an initial
public offering of its shares on the STAR Market.
ACM’s President and Chief Executive Officer Dr. David Wang
commented, “We are thrilled with the participation of both existing
and new ACM investors in this financing. Together with the
investments announced this past June, these investments bring the
total amount invested in ACM Shanghai to RMB 416.1 million ($59.2
million), which represents an 8.3% redeemable non-controlling
interest in our principal operating subsidiary. We remain confident
that a STAR Market listing will allow ACM Shanghai to better align
its capital structure with its mission to become a leading global
supplier of semiconductor capital equipment. We believe that
listings of ACM on NASDAQ and ACM Shanghai on the STAR Market will
further support efforts to scale our business in mainland China and
open broader business opportunities in Taiwan, Korea, Japan, Europe
and the United States.”
Forward-Looking Statements
Information presented in this press release includes
forward-looking for purposes of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements in this press release regarding: the
proposed listing of ACM Shanghai shares on the STAR Market; the
timing of the application for such proposed STAR Market listing;
ACM’s expectations with respect to the impact of the proposed STAR
Market listing on ACM and its product offerings, customer
perceptions, revenue and earnings; and the continued development
and operation of the STAR Market by the Shanghai Stock Exchange.
Forward-looking statements are based on ACM’s current expectations
and beliefs, and involve a number of risks and uncertainties that
are difficult to predict and that could cause actual results to
differ materially from those stated or implied by the
forward-looking statements. Those risks and uncertainties include,
but are not limited to, ACM Shanghai’s ability to successfully
complete the proposed listing of its shares on the STAR Market. A
further description of these risks, uncertainties and other matters
can be found in filings ACM makes with the Securities and Exchange
Commission. Because forward-looking statements involve risks and
uncertainties, actual results and events may differ materially from
results and events currently expected by ACM, and ACM assumes no
obligation and expressly disclaims any duty to update information
contained in this press release except as required by law.
About ACM Research, Inc.
ACM Research develops, manufactures and sells single-wafer wet
cleaning equipment, which semiconductor manufacturers can use in
numerous manufacturing steps to remove particles, contaminants and
other random defects, and thereby improve product yield, in
fabricating advanced integrated circuits.
© ACM Research, Inc. The ACM logo is a trademark of ACM
Research, Inc. For convenience, this trademark appears in this
press release without a ™ symbol, but that practice does not mean
that ACM will not assert, to the fullest extent under applicable
law, its rights to such trademark.
For investor and media inquiries, please
contact:
In
the United States: |
|
The Blueshirt
GroupRalph Fong+1 (415) 489-2195ralph@blueshirtgroup.com |
|
|
|
In China: |
|
The Blueshirt Group Asia Gary Dvorchak, CFA +86
(138) 1079-1480 gary@blueshirtgroup.com |
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