Gardner manufacturer Precision Optics Corp. anticipates the process of listing its shares on the Nasdaq stock exchange to be completed in the coming weeks.
In April, shareholders approved a reverse split, should it be needed, to satisfy the Nasdaq minimum share price requirement, according to a Tuesday press release.
The company is currently listed on the OTCQB market, which is usually for developing companies.
The Tuesday announcement of the pending Nasdaq listing was part of the company’s fourth quarter earnings report.
The company announced record revenues of $15.67 million compared with $10.67 million in fiscal 2021.Â
In October, Precision Optics acquired Lighthouse Imaging in Maine for $2.85 million in cash and 2.5 million shares of stock. Lighthouse contributed $3.88 million in revenue toward Precision’s top line.
The company posted a net loss of $928,418 for fiscal 2022 compared with a loss of $102,826 the previous year. In the fourth quarter, it posted a net income of $269,293, after posting a loss of $442,443 in the fourth quarter 2021.
Precision Optics, founded in 1982, provides optical components for the medical and defense/aerospace industries.
