FREMONT, CA--(Marketwire - Feb 25, 2013) - AXT, Inc. (NASDAQ: AXTI), a leading manufacturer of compound semiconductor substrates, today announced a program authorizing the repurchase of up to $6 million of the Company's common stock through February 27, 2014.
Any repurchases under this program will be made through open market purchases, block trades, unsolicited negotiated transactions, or any manner that complies with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing, actual number and value of the shares that are repurchased under this program will be dependent on market conditions and other corporate considerations, including price, corporate and regulatory requirements and alternative investment opportunities. The program is expected to be funded from existing cash balances and cash generated from operations. The Company is not obligated to repurchase any particular amount of common stock during any period and may choose to suspend or discontinue the repurchase program at any time.
Shares of common stock repurchased through the repurchase program will become authorized but unissued shares. As of February 25, 2013, the Company has approximately 32.8 million shares of common stock outstanding.
About AXT, Inc.
AXT designs, develops, manufactures and distributes high-performance compound and single element semiconductor substrates comprising gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge) through its manufacturing facilities in Beijing, China. In addition, AXT maintains its sales, administration and customer service functions at its headquarters in Fremont, California. The company's substrate products are used primarily in lighting display applications, wireless communications, fiber optic communications and solar cell. Its vertical gradient freeze (VGF) technique for manufacturing semiconductor substrates provides significant benefits over other methods and enabled AXT to become a leading manufacturer of such substrates. AXT has manufacturing facilities in China and invests in joint ventures in China producing raw materials. For more information, see AXT's website at http://www.axt.com.