The Ronkonkoma-based nanotech toolmaker CVD Equipment Corp. has filed a notice with the Securities and Exchange Commission saying its planned purchase of a building in Central Islip, for a new headquarters, has fallen through.
The news had no immediate effect on the stock's price Friday, with the share price rising about 4 percent by afternoon, to $13.33. The stock has risen 79 percent in the year to date; and in the past 12 months its price has ranged from $4.16 to $19.76.
The company disclosed the news to the SEC on Wednesday saying the seller, SJA Industries, had canceled the deal. CVD, however, said it will continue to try to buy the building, meanwhile looking elsewhere for a new headquarters. CVD on Friday declined to comment.
CVD told the SEC it "is contesting the cancellation and continuing to pursue the purchase of the premises as well as exploring other available options to acquire a suitable facility to support its expanding operations."
The property in question is at 355 S. Technology Dr., Central Islip, a 120,000-square-foot space where CVD had hoped to double in size. It wants to expand its application laboratory and its engineering, manufacturing and administrative operations.
With business booming, it also wants to hire new scientists and tackle its backlog of orders amid interest in its products using graphene, a superconductive form of carbon.
Its industrial systems are sold under the brand names First Nano EasyTube, EasyGas and EasyExhaust. The products are used to make carbon nanotubes, nanowires, light-emitting diodes, semiconductors, industrial coatings and equipment for surface mounting of components onto printed circuit boards, CVD says. The term nano refers to research and fabrication on the level of single-atom thickness.
CVD in recent weeks has been looking to fill jobs in its nanotechnology, solar and energy tech division, including a research scientist, project and division managers, engineers, draftsmen and assemblers.
The company’s share price is doing well in part because of its gains in sales and revenue and its involvement with graphene. Some in the semiconductor industry hope graphene will supplement, or possibly replace (and outperform) silicon in computer chips.
CVD had net Income of $778,000 on revenue of $7.5 million for the three months ended June 30. That compared with net income of $104,000 on revenue of $3.3 million for the comparable prior-year quarter.
With Carrie Mason-Draffen.
Above, a CVD Equipment Corp. metalorganic nanotechnology system.