Nova Modifies Its Name to Match Long-Term Strategy

Rhea-AI Summary

Nova (Nasdaq: NVMI) announced its legal name change to better reflect its diversified technology portfolio amid expansion efforts. The company aims to organically grow its annual revenue to over $500 million through its NOVA500 strategic plan. Nova emphasizes its commitment to providing advanced metrology solutions for semiconductor manufacturing, utilizing a combination of hardware and software technologies. The company retains its NVMI ticker symbol and Process Insight® tagline, signaling a focus on innovation and customer partnerships.

Positive

• New name aligns with company growth and diversification strategy.
• Aims to exceed $500 million in annual revenue through the NOVA500 strategic plan.

Negative

• None.

REHOVOT, Israel, Aug. 2, 2021 /PRNewswire/ -- Nova (Nasdaq: NVMI), announced today that it changed its legal name from c to Nova. Following the company expansion driven by several growth engines, the Company believes the previous name no longer represents its technology portfolio and diversified offerings. The Company is retaining its NVMI ticker symbol and its Process Insight^® tagline.

"We recently announced our NOVA500 strategic plan to organically grow our annual revenue to more than $500 million," said Eitan Oppenhaim, Nova's President and CEO. "As we continue our journey towards realizing this plan, based on our unique and differentiated portfolio that combines several technologies as well as an evolving integration of hardware and software, we believe our new company name expresses better our evolving identity and diversified growth ambitions."  

About Nova: Nova is a leading innovator and key provider of metrology solutions for advanced process control used in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova's product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into the development and production of the most advanced semiconductor devices. Nova's unique capability to deliver innovative X-ray and optical solutions enable its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices around the world. Additional information may be found at https://www.novami.com/.

Nova is traded on NASDAQ & TASE under the symbol NVMI.

Forward looking statement:
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect intellectual property; open source technology exposure; failure to compete effectively or to respond to the rapid technological changes; consolidation in our industry; difficulty to predict the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; lengthy sales cycle and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 1, 2021. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Company Contact:	Investor Relations Contact:
Dror David, Chief Financial Officer	Miri Segal
Nova Ltd.	MS-IR LLC
Tel: +972-73-229-5760	Tel: +917-607-8654
E-mail: info@novami.com	E-mail: msegal@ms-ir.com
https://www.novami.com/

View original content:https://www.prnewswire.com/news-releases/nova-modifies-its-name-to-match-long-term-strategy-301345953.html

SOURCE Nova

FAQ

What is the new name of Nova as of August 2, 2021?

Nova changed its legal name to Nova to better represent its technology portfolio.

What is Nova's stock symbol?

Nova retains its stock symbol NVMI on Nasdaq.

What is Nova's revenue target under the NOVA500 strategic plan?

Nova aims to grow its annual revenue to over $500 million.

What does Nova specialize in?

Nova specializes in metrology solutions for advanced process control in semiconductor manufacturing.