FREMONT, California, May 15, 2026, 14:02 PDT
- AXT pushed its 2026 annual meeting to June 4 after it didn’t get a quorum. The company adjourned the meeting and plans to reconvene next month.
- AXT is asking shareholders to boost its authorized common shares to 120 million from 70 million, with the delay coming as that vote approaches.
- Shares ended Friday at $123.78, gaining 7.65% after a bumpy session.
AXT, Inc. (Nasdaq: AXTI) adjourned its 2026 annual meeting after it came up short of a quorum, meaning not enough shareholders showed up to allow any votes. The semiconductor materials company said it will try again, planning to reconvene on June 4 at its Fremont, California headquarters.
Timing is an issue. AXT is putting regular board and compensation votes in front of shareholders, but it’s also asking to boost its authorized shares to 120 million from 70 million. That would make it easier for the company to issue more stock, a key topic after a big run in the shares and a major equity raise.
AXT said about 48% of shares eligible to vote were represented by proxy at the time the meeting was adjourned. The company’s bylaws need a majority of voting shares in person or by proxy. AXT has brought in Alliance Advisors, a proxy solicitor, to collect more votes.
AXT shares finished higher. The stock ended the day at $123.78, gaining 7.65%. It touched $128.50 at the session peak before slipping back after the bell, StockAnalysis data show.
AXT shares have jumped as buyers look for exposure to indium phosphide, or InP, which is used in fast optical links for data centers and telecoms. For the first quarter, AXT posted revenue of $26.9 million, up from $19.4 million last year. Net loss attributable to AXT was $1.6 million, a big improvement from the $8.8 million loss a year ago.
AXT CEO Morris Young said it’s “an incredibly exciting time” for the company in the April 30 earnings release. He pointed to the $632.5 million capital raise aimed at Tongmei’s InP capacity buildout and research projects, including work on 6-inch InP wafers. AXT, Inc.
AXT’s 10-Q from May 14 showed the offering was for 8.56 million shares at $64.25 per share, plus an underwriter option for about 1.28 million more shares. The company reported gross proceeds of roughly $632.5 million before fees and expenses.
Policy risk remains in play. AXT said China put indium phosphide substrates on its export control list starting 2025, and called export permits its “most significant challenge.” The company is still getting some permits but said it can’t predict when permit applications will be reviewed or approved. SEC
Permits are the main risk here. If AXT can’t get permits on schedule, it may not recognize revenue from orders when expected. The company warned this mismatch could materially hurt its business, finances and results.
AXT listed Sumitomo and JX as InP market competitors in its filing. The company said bigger players with more resources could squeeze pricing and margins.
Wall Street is divided on AXT after the stock’s recent move. StockAnalysis numbers show two analysts on the name with a consensus Hold and an average target of $57. On May 1, Wedbush’s Matt Bryson kept his Buy and took up his target to $93. Dave Kang at B. Riley is still at Hold, with a $21 price target.
June 4 is now set as the next governance checkpoint. AXT said all proposals remain unchanged. But if the company misses quorum again, it faces more uncertainty—just as investors are looking at its expansion pace, export risks, and a stock that’s already moved ahead of many analyst targets.
