Amtech Systems, Inc. (NASDAQ:ASYS) Files An 8-K Other EventsItem 8.01Other Events
On December 13, 2017, Robert F. King, a member of Amtech Systems, Inc.’s (the “Company”) Board of Directors (the “Board”), entered into a binding pre-arranged Rule 10b5-1 stock trading plan. Under the Rule 10b5-1 plan, Mr. King’s securities broker will sell a predetermined number of shares of the Company’s common stock, to be acquired through the exercise of stock options previously awarded to Mr. King for his service on the Board, on a periodic basis. Shares of common stock will be sold on the open market at prevailing market prices, subject to the minimum price thresholds specified under the Rule 10b5-1 plan.
Also, on December 14, 2017, Robert M. Averick, a member of the Company’s Board, and his joint filers on Schedule 13D entered into binding pre-arranged Rule 10b5-1 stock trading plans. Under the Rule 10b5-1 plans, Mr. Averick’s and his joint filers' securities broker will sell a predetermined number of shares of the Company’s common stock on a periodic basis, which may include shares of common stock underlying outstanding stock options, shares acquired to the Company’s employee stock purchase plan (if any), shares acquired upon vesting of restricted stock units or restricted stock awards, and shares acquired upon vesting of outstanding performance shares awards. Shares of common stock will be sold on the open market at prevailing market prices, subject to the minimum price thresholds specified under the Rule 10b5-1 plans.
Mr. King’s, Mr. Averick’s, and Mr. Averick’s joint filers' Rule 10b5-1 plans are consistent with the Company’s insider trading policy and were adopted in a scheduled open trading window period and at a time when neither Mr. King, Mr. Averick, nor Mr. Averick’s joint filers were in possession of material, non-public information about the Company. The Company has reviewed and authorized the Rule 10b5-1 plans.
The Rule 10b5-1 plans were adopted to the guidelines specified in Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended, which permits insiders to enter into pre-arranged plans for buying or selling Company common stock at a time when such person is not in possession of material, nonpublic information about the Company. The transactions under the 10b5-1 plans will be disclosed publicly in accordance with applicable securities laws, rules, and regulations through appropriate filings with the Securities and Exchange Commission.
About Amtech Systems, Inc. (NASDAQ:ASYS)
Amtech Systems, Inc. is engaged in the manufacture of capital equipment, including thermal processing, silicon wafer handling automation and related consumables used in fabricating solar cells, Light Emitting Diode (LED) and semiconductor devices. The Company operates through three business segments: solar, semiconductor and polishing. The solar segment supplies thermal processing systems, including diffusion; plasma-enhanced chemical vapor deposition (PECVD); atomic layer deposition (ALD), and related automation, parts and services to the solar/photovoltaic industry. The semiconductor segment supplies thermal processing equipment, including solder reflow equipment and related controls for use by the semiconductor manufacturers and in electronics assembly for automotive and other industries. The polishing supplies segment produces consumables and machinery for lapping (fine abrading) and polishing of materials, such as sapphire substrates and optical components.