Benchmark Downgrades Intevac (IVAC) to Hold, 'we have adjusted our 2023 and 2024 forecasts'

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Go back to Benchmark Downgrades Intevac (IVAC) to Hold, 'we have adjusted our 2023 and 2024 forecasts'

Intevac. (IVAC) Announces Appointment of Houlihan Lokey to Evaluate Strategic Options

June 13, 2023 4:07 PM EDT

Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, announced today that the Company has retained investment banking firm Houlihan Lokey Capital, Inc. (Houlihan Lokey) to advise management and the board of directors on strategic alternatives. Additionally, the board has formed a strategic committee comprised of independent directors David Dury and Kevin Barber to work with management and Houlihan Lokey in evaluating options to increase stockholder value.

The ongoing challenges within the hard disk drive (HDD) industry resulted in the unprecedented cancellation of $54 million in 200 Lean® system orders late last month, commented... More