AXT Announces $6M Stock Repurchase Program
AXT(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.
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