BOULDER CITY, Nev.-Polyurethane tire developer Amerityre Corp., developer of a polyurethane tire, began trading its common stock March 21 on the NASDAQ Capital Market.
Previously called the SmallCap Market, NASDAQ Capital Market companies listed are smaller businesses, with a stockholders´ equity of at least $5 million or market value of listed securities of at least $50 million. Amerityre´s shares previously were traded over-the-counter.
Richard Steinke, Amerityre president and CEO, said companies with the NASDAQ listing typically have enhanced access to the capital markets, improved liquidity and added shareholder value.
Amerityre is engaged in the development of tire technologies based on polyurethane. Most recently it has begun work on a non-pneumatic temporary (spare) tire and retreads for medium commercial truck, industrial, and mining tires.
Since the company was founded as American Tire Corp. in 1995, it has yet to have a profitable quarter, accumulating $45 million in losses vs. about 5.9 million in revenues in that period.
For the quarter and six months ended Dec. 31, Amerityre reported net losses of $1.16 million and $2.23 million on revenue of $302,255 and $738,224, respectively. In February it generated $3.87 million in funds through a private placement of 107,500 units of company securities.
The tire´s shares closed at $6.82 on March 23, down 28 cents from the previous day.
NASDAQ is the largest U.S. electronic stock market, with approximately 3,300 companies.