Benzinga | Oct 1, 2020 08:07AM EDT

ACM Research Announces Approval Of Proposed Listing Of Shares Of ACM Research By Listing Committee For The Shanghai Stock Exchange STAR Market

FREMONT, Calif., Oct. 01, 2020 (GLOBE NEWSWIRE) -- ACM Research, Inc. ("ACM") (NASDAQ:ACMR), a leading supplier of wafer cleaning technologies for advanced semiconductor devices, today announced the approval of the proposed listing of shares of ACM's principal operating subsidiary ACM Research (Shanghai), Inc. ("ACM Shanghai") by the Listing Committee for the Shanghai Stock Exchange STAR Market.



In May 2020 ACM Shanghai submitted its application for an initial public offering of its shares on the STAR Market. On September 30, 2020, the application was approved by the Listing Committee of the STAR Market. The STAR Market listing of ACM Shanghai's shares remains subject to submission of formal registration and to review and approval by the China Securities Regulatory Commission.

ACM's President and Chief Executive Officer Dr. David Wang commented, "This represents an important milestone for us, and we are excited about the progress we are making towards the STAR Market listing and related IPO. Our plan remains on track to price the transaction by year-end, pending timely approvals. We expect to use net proceeds of the STAR Market IPO to fund product development in order to upgrade and expand our process equipment to more advanced process nodes, to provide working capital for demo tools to current and new customers globally, and to fund the land lease and building construction for ACM Shanghai's R&D and production center in the Lingang region of Shanghai. We believe the STAR Market listing combined with ACM's current listing of Class A common stock on Nasdaq will help accelerate our pace to become a global player in the semiconductor equipment industry."