MTI Technology Corp. Shifts to Nasdaq SmallCap

MTI Technology Corp., a computer storage solutions company recovering from two years of losses, said it has removed its stock from the Nasdaq National Market System and put it on the less restrictive Nasdaq SmallCap Market.

The stock, which closed at $2.125 a share Friday, will start trading Tuesday on the new market system under the symbol of MTIC.

The company returned to profitability for its fiscal first quarter ended July 6 after losing $74.7 million in the prior two fiscal years.

“The company’s financial recovery is at an early juncture after what have been two difficult years,” said Dale R. Boyd, MTI’s chief financial officer. “We feel that the less restrictive requirements of the Nasdaq SmallCap Market will give management greater flexibility in its goal to sustain the profitability achieved in the last quarter.”