Common Stock
- Symbol
- AXTI
- Exchange
- NASDAQ
- Classification
- COMMON
- Status
- Current
Current Report · Items 2.04 · 8-K
AXT Inc
AXTINASDAQEQUITYCurrent
Triggering Events That Accelerate or Increase a Direct Financial Obligation
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. On June 26, 2026, Beijing Tongmei Xtal Technology Co., Ltd. (“Tongmei”), a majority controlled subsidiary of AXT, Inc.…
Company context
AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company’s substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. End markets include AI/data center connectivity, 5G infrastructure, passive optical networks, LED lighting, lasers, sensors, power amplifiers for wireless devices and satellite solar cells. AXT’s worldwide headquarters are in Fremont, California where the company maintains sales, administration and customer service functions. AXT has its Asia headquarters in Beijing, China and manufacturing facilities in three separate locations in China. In addition, as part of its supply chain strategy, the company has partial ownership in over ten companies in China producing raw materials for its manufacturing process. For more information, see AXT’s website at https://investors.axt.com.
Current securities
Registered securities in this filing
AXT, INC. · 8-K · Filed 2026-07-08
Disclosure sections
Item 2.04Item 2.04 - Triggering Events
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On June 26, 2026, Beijing Tongmei Xtal Technology Co., Ltd. (“Tongmei”), a majority controlled subsidiary of AXT, Inc. (the “Company”), notified the Shanghai Stock Exchange that it was withdrawing its application for an initial public offering (“IPO”) on the exchange’s STAR Market (the “STAR Market”), and on July 8, 2026 the Shanghai Stock Exchange published the acceptance of the withdrawal. AXT and Tongmei will transfer their dedicated resources and efforts towards a listing on the Hong Kong Stock Exchange where its listing application will emphasize its updated business plan focusing on the development of the Company's indium phosphide ("InP") business to address the growing demand for InP substrates used in high-speed optical data transmission and artificial intelligence data center applications. Tongmei’s listing application on the STAR Market in 2021, which has been pending since that time, emphasized Tongmei’s gallium arsenide (“GaAs”) semiconductor wafer substrates and other products for micro-LEDs. Given the increase in demand for its InP wafer substrates used for high-speed optical data transmission in data centers employing artificial intelligence, the Company believes that the Hong Kong Stock Exchange is an attractive market to list Tongmei’s shares permitting a broader potential base of institutional and retail investors in its anticipated IPO.
In connection with its listing application on the STAR Market, Tongmei raised an aggregate of RMB 324,404,508 (approximately US$49 million) from eleven (11) private equity funds in China. Pursuant to the agreements with these private equity funds, Tongmei’s withdrawal of the listing application gives rise to a redemption right: each fund has the right, but not the obligation, to require the Company or Tongmei to redeem its investment, and the Company or Tongmei has the right, but not the obligation, to redeem each fund’s investment, in each case for a price equal to the original amount invested, without interest or any other return. Because the redemption price is fixed in RMB, the U.S. dollar amount payable will vary with the RMB/USD exchange rate. Tongmei and the Company are in discussions with each fund to determine whether it wishes to continue its investment as Tongmei advances toward an application for a Hong Kong Stock Exchange listing, or to have its investment redeemed in whole or in part. The Company has sufficient funds to redeem the fund's investments in full should full redemption be required.