SMTEK Applies to Transfer Listing to Nasdaq

The board of directors for SMTEK International in Thousand Oaks has decided to transfer its common stock listing from the New York Stock Exchange to the Nasdaq SmallCap Market.

SMTEK filed its listing application with Nasdaq after stockholders approved a 1-for-20 reverse split of the common stock. The company said its common stock will continue to trade on the Pacific Exchange.

“SMTEK has returned to consistent profitability and significantly strengthened its balance sheet over the past several years,” said Richard K. Vitelle, the company’s vice president of finance and administration and chief financial officer. “Nonetheless, we were advised by the New York Stock Exchange that its financial requirements for continued listing were going to be raised substantially, and it was not clear that the company would be able to attain these new standards within the time period required by the NYSE.”

Vitelle said SMTEK does not expect clearance from Nasdaq until the end of this month or early July.

“The New York Stock Exchange is working with the company in this transition process and has agreed to allow SMTEK’s shares to continue trading on the NYSE until July 9, [unless] our common stock begins trading [earlier] on Nasdaq,” Vitelle said.

SMTEK is an electronics manufacturing services provider serving the computer, telecommunications, instrumentation, medical, industrial and aerospace industries.