AXT, Inc. Announces Updates to 2020 Annual Meeting of Stockholders

FREMONT, Calif., May 11, 2020 (GLOBE NEWSWIRE) -- AXT, Inc. AXTI, a leading manufacturer of compound semiconductor substrates, today announced it will host its 2020 Annual Meeting of Stockholders (the "Annual Meeting") by telephone conference call due to the public health impact of the coronavirus or COVID-19 outbreak and to support the health and well-being of our employees, stockholders and other stakeholders.

AXT does not plan to provide a business update or host a Q&A session as part of the Annual Meeting. Investors who would like to discuss AXT's business or have questions answered are encouraged to contact AXT investor relations at (650) 312-9060.

The Annual Meeting will be held in a telephonic format on May 21, 2020 at 11:00 a.m. Pacific Daylight Time. Stockholders will not be able to attend the Annual Meeting in person.

Stockholders of record at the close of business on March 24, 2020 are entitled to vote at the Annual Meeting, which can be accessed at (844) 892-6598 (passcode 3968077). To attend the Annual Meeting, stockholders must provide their 16-digit identification number found on their proxy materials that were previously distributed.

Please note that the proxy card or voting instruction card included with the previously distributed proxy materials will not be revised to reflect this announcement and may continue to be used by stockholders to vote their shares in connection with the Annual Meeting. Whether or not stockholders plan to attend the Annual Meeting, AXT urges stockholders to vote by proxy in advance of the Annual Meeting by one of the methods described in the proxy materials. Stockholders who have already submitted a proxy do not need to take any further voting action because of this announcement.

Stockholders can find additional details about attending the Annual Meeting and voting at the Annual Meeting in the definitive additional materials that AXT filed today with the Securities and Exchange Commission. Details on how to participate will be available on AXT's website at http://www.axt.com located under the "Investors" section.

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 its sales, administration and customer service functions. AXT has manufacturing facilities in China and, as part of its supply chain strategy, has partial ownership in ten companies in China producing raw materials. For more information, see AXT's website at http://www.axt.com.