API Technologies Corp. (ATNY)

API Technologies designed and manufactured high-performance electronic components and systems for radio frequency, microwave, millimeter-wave, power, electromagnetic and security applications. Its products were used in radar, electronic warfare, communications, missiles and space systems. Customers included defense prime contractors and government agencies as well as industrial and commercial companies. The company operated facilities in the United States, Canada, the United Kingdom and Mexico.

API grew largely through acquisitions of smaller defense electronics businesses during the late 2000s and early 2010s. A major step came in 2011, when it combined with SenDEC Corporation and acquired Spectrum Control, significantly increasing its scale. Investment firm J.F. Lehman & Company became the largest shareholder as part of those transactions. The stock traded on the Nasdaq Capital Market under the symbol ATNY.

The company faced uneven defense spending, integration challenges and a heavy debt load, and its share price lagged. It sold some non-core businesses and focused on higher-margin RF and microwave products. In early 2016 J.F. Lehman, which already controlled a majority of the voting stock, agreed to acquire the remaining shares.

The transaction closed on April 22, 2016, with public stockholders receiving $2.00 per share in cash. API asked Nasdaq to suspend trading and file to delist its shares the same day, and the company became privately held. It continued operating under private equity ownership in the defense electronics market.