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Subsequent Event
3 Months Ended
Mar. 31, 2024
Subsequent Event  
Subsequent Event

Note 20. Subsequent Event

In April 2024, Tongmei obtained $691,000 in a new one-year bank loan with an annual interest rate of 3.5%. The bank loan is unsecured.

On May 6, 2024, a putative shareholder class action was filed in U.S. District Court for the Eastern District of New York. Nowakowsky vs. AXT, Inc., 1:24-cv-03341-DLI-JRC. Named as defendants are the Company, Morris Young, and Gary Fischer. The case alleges claims under the Securities Exchange Act of 1934. That Court has ordered the case to be transferred to the Northern District of California, where the Company’s headquarters is located.