AXT, Inc. Chief Financial Officer Adopts 10b5-1 Plan
February 29 2008 - 9:30AM
Marketwired
FREMONT, CA , a leading manufacturer of compound semiconductor
substrates, today announced that Mr. Wilson W. Cheung, chief
financial officer and corporate secretary, has established a
pre-arranged trading plan to sell shares of the company's common
stock over a designated period in accordance with rule 10b5-1 of
the Securities and Exchange Commission.
Under the trading plan, during a twelve-month period commencing
on March 1, 2008, Mr. Cheung plans to sell up to 143,042 shares of
AXT common stock in open market transactions. Transactions under
this plan will be disclosed publicly by Mr. Cheung through filings
with the Securities and Exchange Commission. The transactions are
part of Mr. Cheung's ongoing program of tax planning and asset
diversification.
Rule 10b5-1 permits insiders to implement a written plan to sell
stock when they are not in possession of material non-public
information and continue to sell shares on a regular basis even if
they receive such information subsequently. Such plans establish
predetermined trading parameters that do not permit the person
adopting the plan to exercise any subsequent influence over how,
when, or whether to effect trades. Using these plans, insiders can
gradually diversify their investment portfolios, spread stock
trades out over an extended period of time to reduce market impact,
and avoid concerns about transactions occurring at a time when they
might possess inside information.
About AXT, Inc.
AXT designs, develops, manufactures and distributes
high-performance compound and single element semiconductor
substrates comprising gallium arsenide (GaAs), indium phosphide
(InP) and germanium (Ge) through its manufacturing facilities in
Beijing, China. In addition, AXT maintains its sales,
administration and customer service functions at its headquarters
in Fremont, California. The company's substrate products are used
primarily in lighting display applications, wireless
communications, and fiber optic communications. Its vertical
gradient freeze (VGF) technique for manufacturing semiconductor
substrates provides significant benefits over other methods and
enabled AXT to become a leading manufacturer of such substrates,
particularly in optoelectronics applications. AXT has manufacturing
facilities in China and invests in five joint ventures producing
raw materials. For more information, see AXT's website at
http://www.axt.com.
Contacts: Wilson W. Cheung Chief Financial Officer (510)
683-5900 Leslie Green Green Communications Consulting, LLC (650)
312-9060
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