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UNITED STATES
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): July 14, 2025
 
AXT, INC.
(Exact name of registrant as specified in its charter)
 

 
Delaware
 
000-24085
 
94-3031310
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
 

 
4281 Technology Drive
Fremont, California 94538
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (510) 438-4700
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)
 
Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))
 
Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class:
 
Trading Symbol
 
Name of each exchange on which registered:
Common Stock, $0.001 par value
 
AXTI
 
The NASDAQ Stock Market LLC
 
 

 
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
 
AXT, Inc. (the “Company”) is saddened to report that Ms. Christine Russell, a member of the Company’s Board of Directors (the "Board"), passed away on July 11, 2025. Ms. Russell joined the Company’s Board in December 2019 as an independent director. Ms. Russell served as Chair of the Audit Committee and was a member of the Compensation Committee and the Nominating and Corporate Governance Committee. The Company is grateful for Ms. Russell's dedication and service to the Company. The Company’s management and Board extend their sincerest condolences to Ms. Russell’s family.
 
OnJuly 14, 2025, the Company notified The Nasdaq Stock Market LLC (“Nasdaq”) that due to Ms. Russell's death, the Company’s Audit Committee has been reduced to two independent directors, and the Company is not compliant with Nasdaq Lising Rule 5605(c)(2)(A), which requires the Audit Committee to be comprised of a minimum of three independent directors. Pursuant to Nasdaq Listing Rule 5605(c)(4)(B), the Company has a cure period to regain compliance until the earlier of the Company’s next annual meeting of stockholders or July 11, 2026. The Company intends to regain compliance as soon as possible and the Board will begin a process to add a new independent director who satisfies the applicable requirements of the Nasdaq Listing Rules prior to the expiration of the cure period provided by Nasdaq.
 
Item 9.01
Financial Statements and Exhibits.
 
(d) Exhibits.
 
Exhibit
No.
 
Description
   
104
 
Cover Page Interactive Data File (formatted as inline XBRL)
 
 

 
 
 
SIGNATURES
 
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.
 
       
   
AXT, INC.
     
 
By:
/s/ Gary L. Fischer
 
 
Date: July 18, 2025
Gary L. Fischer
Chief Financial Officer and Corporate Secretary