AXT, Inc. Announces the Appointment of Morris Young as Chairman of its Board of Directors
12 Agosto 2021 - 6:00PM
AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound
semiconductor substrates, today announced that Morris Young, Chief
Executive Officer, has been appointed Chairman of its Board of
Directors, effective Aug. 12, 2021. Jesse Chen, who has served as
Chairman of AXT’s Board of Directors since 2009, will continue to
serve as Lead Independent Director and as a member of the Board.
The Nominating and Corporate Governance Committee and the Board
of Directors decided to make this appointment in preparation for
the proposed initial public offering (“IPO”) by Beijing Tongmei
Xtal Technology Co., Ltd. (“Tongmei”) on the Shanghai Stock
Exchange’s Sci-Tech innovAtion board (the “STAR Market”). This
appointment comes at the request and advice of Tongmei’s advisors
on the IPO matter.
Dr. Young has been Chairman of Tongmei since its founding in
1998 and will continue in this role. Previously, Dr. Young served
as AXT’s Chairman of the Board of Directors from February 1998 to
May 2004.
About AXT, Inc.
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 5G infrastructure, data center
connectivity (silicon photonics), 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 ten
companies in China producing raw materials for its manufacturing
process. For more information, see AXT’s website
at http://www.axt.com.
Safe Harbor
Statement
The foregoing paragraphs contain forward-looking statements
within the meaning of the Federal securities laws regarding the
proposed listing of shares of Tongmei on the STAR Market. These
forward-looking statements are based upon assumptions that are
subject to uncertainties and factors relating to the company’s
operations and business environment, which could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements contained in the foregoing discussion.
These uncertainties and factors include, but are not limited to:
the withdrawal, cancellations or requests for redemptions by
private equity funds in China of investments in Tongmei, the
administrative challenges in satisfying the requirements of various
government agencies in China in connection with the investments in
Tongmei and the listing of shares of Tongmei on the STAR Market,
continued open access to companies to list shares on the STAR
Market, investor enthusiasm for new listings of shares on the STAR
Market and geopolitical tensions between China and the United
States. Additional uncertainties and factors in our operations and
business environment include, but are not limited to: the timing
and receipt of significant orders; the cancellation of orders and
return of product; emerging applications using chips or devices
fabricated on our substrates; end-user acceptance of products
containing chips or devices fabricated on our substrates; our
ability to bring new products to market; product announcements by
our competitors; the ability to control costs and improve
efficiency; the ability to utilize our manufacturing capacity;
product yields and their impact on gross margins; the relocation of
manufacturing lines and ramping of production; possible factory
shutdowns as a result of air pollution in China; COVID-19 or other
outbreaks of a contagious disease; tariffs and other trade war
issues; the financial performance of our partially owned supply
chain companies; policies and regulations in China; and other
factors as set forth in the company’s Annual Report on Form 10-K,
quarterly reports on Form 10-Q and other filings made with the
Securities and Exchange Commission. Each of these factors is
difficult to predict and many are beyond the company’s control. The
company does not undertake any obligation to update any
forward-looking statement, as a result of new information, future
events or otherwise.
Contacts: |
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Gary Fischer |
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Chief Financial Officer |
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(510) 438-4700 |
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Leslie Green |
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Green Communications Consulting, LLC |
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(650) 312-9060 |
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