Thursday, February 5, 2009

Electroglas Hires Investment Bank

San Jose-based Electroglas, a manufacturer of wafer probes and software for the semiconductor industry, has hired on a investment banker to look at "strategic options", the firm said this week. According to Electroglas, it has hired on Needham & Company in the move--which usually indicates a company is looking to find a buyer. Electroglas made the announcement shortly after reporting that the NASDAQ has told it is noncompliant with requirement that the firm have $2.5M in stockholder's equity for continued listing. Electroglas said it is requesting a hearing with the Nasdaq on the notification.