8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

Current Report Pursuant

to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  October 21, 2003

IBIS TECHNOLOGY CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Massachusetts
(State or Other Jurisdiction of Incorporation)
0-23150	04-2987600
(Commission File Number)	(I.R.S. Employer Identification No.)
32 Cherry Hill Drive, Danvers, Massachusetts	01923
(Address of Principal Executive Offices)	(Zip Code)
(978) 777-4247
(Registrant’s Telephone Number, Including Area Code)

Item 5.            Other Events.

On October 21, 2003, the Registrant issued a press release announcing the closing of its public offering of 1 million shares, including the overallotment option.  Net proceeds of the offering totaled approximately $12.7 million.  The offering was underwritten by CDC Securities.

The information contained in the press release dated October 21, 2003 is incorporated herein by reference and filed as Exhibit 99.1 hereto.

Item 7.            Financial Statements and Exhibits.

(c)                   The following exhibits are filed with this report:

Exhibit No.	Title
5.1	Opinion of Gadsby Hannah LLP
99	The Registrant’s Press Release dated October 21, 2003

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	IBIS Technology Corporation
Dated:  October 21, 2003	By:	/s/Debra L. Nelson
		Debra L. Nelson, Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description	Sequential Page Number
5.1	Opinion of Gadsby Hannah LLP	E-2
99.1	The Registrant’s Press Release	E-4

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EX-5.1

EXHIBIT 5.1

Gadsby Hannah LLP

225 Franklin Street

Boston, MA 02110

October 17, 2003

Ibis Technology Corporation

32 Cherry Hill Drive

Danvers, Massachusetts  01923

Re: PROSPECTUS SUPPLEMENT TO REGISTRATION STATEMENT ON FORM S-3

Ladies and Gentlemen:

We have examined the Registration Statement on Form S-3 filed by you with the Securities and Exchange Commission (“SEC”) on or about September 2, 2003, as amended by Amendment No. 1 dated September 18, 2003, as amended by Amendment No. 2 dated September 26, 2003, as amended by Amendment No. 3 dated October 2, 2003 (as such may be further amended or supplemented the “Registration Statement”), in connection with the registration under the Securities Act of 1933, as amended, of 2,000,000 shares of your common stock, par v alue $0.008 per share (collectively, the “Shares”).

We understand that 1,000,000 Shares have been sold to the public as described in the Registration Statement.

We have examined originals or copies of those corporate and other records and documents we considered appropriate. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with originals of all documents submitted to us as copies.

On the basis of such examination, our reliance upon the assumptions in this opinion and our consideration of those questions of law we considered relevant, and subject to the limitations and qualifications of this opinion, we are of the opinion that the Shares have been validly issued, and are fully paid and non-assessable.

The law covered by this opinion is limited to the present federal law of the United States and the state laws of the Commonwealth of Massachusetts. We express no opinion as to the laws of any other jurisdiction and no opinion regarding statutes, administrative decisions, ru les, regulations or requirements of any county, municipality, subdivision or local authority of any jurisdiction.

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We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to the use of our name wherever appearing in the Registration Statement, including the prospectus constituting a part thereof and any amendments thereto.

Very truly yours,

/s/ Gadsby Hannah LLP

GADSBY HANNAH LLP

E-3

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

Ibis Technology Announces the Closing of its Public Offering

DANVERS, Mass, October 21, 2003—Ibis Technology Corporation (Nasdaq NM: IBIS), the leading provider of SIMOX-SOI implantation equipment and SIMOX-SOI wafers to the worldwide semiconductor industry, announced today the closing of its public offering of 1 million shares, including the over-allotment option. Net proceeds of the offering totaled approximately $12.7 million. The offering was underwritten by CDC Securities.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.  Offers and sales of the shares may only be made by delivery of a prospectus for the offering.  Copies of the final prospectus relating to the offering may be obtained from CDC Securities at 590 Madison Avenue, Suite 2500, New York, NY 10022 or by calling (212) 891-5844.

“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:  Matters discussed in this press release, including any discussion of or impact, expressed or implied, on the Company’s anticipated operating results are based upon management’s current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended.  The Company’s operating results may be affected by many factors, including but not limited to product demand and market acceptance risks, the impact of competitive products, technologies and pricing, general economic conditions, future changes in export laws or regulations, the cyclical nature of the semiconductor industry and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including but not limited to the Company’s Form 10-K for the fiscal year ended December 31, 2002.

About Ibis Technology

Ibis Technology Corporation is the leading provider of SIMOX-SOI (Separation-by-IMplantation-of-OXygen Silicon-On-Insulator) equipment and wafers for the worldwide semiconductor industry. The company is headquartered in Danvers, Massachusetts and maintains an office in Aptos, California. Ibis Technology is traded on the Nasdaq National Market under the symbol IBIS. Information about Ibis Technology Corporation and SIMOX-SOI is available on Ibis’ World Wide Web site at www.ibis.com.

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Company Contact:	Agency Contact:
Debra L. Nelson	Bill Monigle
Chief Financial Officer	IR/PR Counsel
Ibis Technology Corporation	For Ibis Technology
Phone: (978) 777-4247	Phone: (603) 424-1184

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