SEC Comment Letter 0000000000-24-001253 to AMTECH SYSTEMS INC (ASYS) (CIK 0000720500) (ASYS)
AMTECH SYSTEMS INC (ASYS) (CIK 0000720500)
Date: Feb. 1, 2024 · CIK: 0000720500 · Accession: 0000000000-24-001253
AI Filing Summary & Sentiment
File numbers found in text: 000-11412
Letter
United States securities and exchange commission logo February 1, 2024 Lisa Gibbs Chief Financial Officer Amtech Systems, Inc. 131 South Clark Drive Tempe, Arizona 85288 Re:Amtech Systems, Inc. Form 10-K for the Fiscal Year Ended September 30, 2023 Filed December 14, 2023 File No. 000-11412 Dear Lisa Gibbs: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for the Fiscal Year Ended September 30, 2023 Liquidity and Capital Resources, page 42 1.We note that on page 44 and elsewhere in your Form 10-K you disclose that you were not in compliance with the Debt to EBITDA and Fixed Charge Coverage Ratio financial covenants under your loan agreement, and that you entered into a forebearance agreement with the bank related to such non-compliance, pursuant to which the bank agreed to forbear through January 17, 2025 from exercising its rights and remedies available to it as a result of such defaults. In future filings, please expand your disclosures of liquidity and capital resources to address the following: •Describe the terms of each covenant covered by the forebearance agreeement, or any similar agreements, including a presentation of the required and actual ratio/amount as of the most recent compliance date. •Explain how additional future violations of this or other debt covenants would impact your liquidity and capital resources. Specifically, you should state whether noncompliance with any covenants could lead to the acceleration of payments
FirstName LastNameLisa Gibbs Comapany NameAmtech Systems, Inc. February 1, 2024 Page 2 FirstName LastName Lisa Gibbs Amtech Systems, Inc. February 1, 2024 Page 2
due under any of your debt arrangements. Refer to Items 303(b)(1) and (c)(1) of Regulation S-K. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Anastasia Kaluzienski at 202-551-3685 or Robert Littlepage at 202-551- 3361 with any questions. Sincerely, Division of Corporation Finance Office of Technology
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United States securities and exchange commission logo
February 1, 2024
Lisa Gibbs
Chief Financial Officer
Amtech Systems, Inc.
131 South Clark Drive
Tempe, Arizona 85288
Re:Amtech Systems, Inc.
Form 10-K for the Fiscal Year Ended September 30, 2023
Filed December 14, 2023
File No. 000-11412
Dear Lisa Gibbs:
We have limited our review of your filing to the financial statements and related
disclosures and have the following comment.
Please respond to this letter within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe a
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments.
Form 10-K for the Fiscal Year Ended September 30, 2023
Liquidity and Capital Resources, page 42
1.We note that on page 44 and elsewhere in your Form 10-K you disclose that you were not
in compliance with the Debt to EBITDA and Fixed Charge Coverage Ratio financial
covenants under your loan agreement, and that you entered into a forebearance agreement
with the bank related to such non-compliance, pursuant to which the bank agreed to
forbear through January 17, 2025 from exercising its rights and remedies available to it as
a result of such defaults. In future filings, please expand your disclosures of liquidity and
capital resources to address the following:
•Describe the terms of each covenant covered by the forebearance agreeement, or any
similar agreements, including a presentation of the required and actual ratio/amount
as of the most recent compliance date.
•Explain how additional future violations of this or other debt covenants would impact
your liquidity and capital resources. Specifically, you should state whether
noncompliance with any covenants could lead to the acceleration of payments
FirstName LastNameLisa Gibbs
Comapany NameAmtech Systems, Inc.
February 1, 2024 Page 2
FirstName LastName
Lisa Gibbs
Amtech Systems, Inc.
February 1, 2024
Page 2
due under any of your debt arrangements. Refer to Items 303(b)(1) and (c)(1)
of Regulation S-K.
In closing, we remind you that the company and its management are responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or
absence of action by the staff.
Please contact Anastasia Kaluzienski at 202-551-3685 or Robert Littlepage at 202-551-
3361 with any questions.
Sincerely,
Division of Corporation Finance
Office of Technology