Americhip cancels $6.3 million equity line

By Sheri Kasprzak

Atlanta, June 24 - Americhip International, Inc. said it has terminated its previously announced $6.3 million standby equity distribution agreement with Cornell Capital Partners, LP.

The company first entered into the agreement May 25 and under the terms of the equity line could sell shares to Cornell over the course of two years.

"The board of directors determined that this action was in the best interest of the shareholders and will prevent any further dilution to the current issued and outstanding shares," the company reported in an 8-K filed with the Securities and Exchange Commission.

Based in Plymouth, Mich., Americhip produces a laser-assisted chip control technology used in the automotive industry.

On Friday, Americhip's stock closed unchanged at $0.03.

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