31 October 2014

AXT announces $5m stock repurchase program

AXT Inc of Fremont, CA, USA, which makes gallium arsenide, indium phosphide and germanium substrate and raw materials, has announced a program authorizing the repurchase of up to $5m of its common stock. The program is expected to be funded from existing cash balances and cash generated from operations.

Any repurchases under this program will be made through open market purchases, block trades, unsolicited negotiated transactions, a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934 (as amended), or any manner that complies with Rule 10b-18 of the Exchange Act. The timing, actual number and value of the shares that are repurchased will be dependent on market conditions and other corporate considerations, including price, corporate and regulatory requirements and alternative investment opportunities.

The firm 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 repurchased through the program will become authorized but unissued shares. As of end-September, the company has about 32.7 million shares of common stock outstanding.

The stock repurchase program “underscores our confidence in the long-term growth opportunity in the business and our commitment to delivering stockholder value,” says CEO Dr Morris Young.

See related items:

AXT appoints chief financial officer

AXT launches $6m stock repurchase program

Tags: AXT GaAs GaAs substrate InP Germanium

Visit: www.axt.com