AXT, Inc. Upgraded to NASDAQ Global Select Market
FREMONT, CA, Dec 20, 2010 (MARKETWIRE via COMTEX) --
AXT, Inc. (NASDAQ: AXTI), a leading manufacturer of compound semiconductor substrates, today announced that the NASDAQ Stock Market has upgraded the listing of the Company's securities to the NASDAQ Global Select Market effective January 3, 2011.(1) The Company's securities will continue to trade under the symbol "AXTI."
The NASDAQ Global Select Market is one of three market tiers at NASDAQ. According to NASDAQ, the NASDAQ Global Select Market recognizes the highest financial listing standards in the world, with measures including market value, liquidity and earnings, and qualifying for the NASDAQ Global Select Market is a mark of achievement, leadership, credibility and high ethical standards for companies.
AXTI Chief Executive Officer Dr. Morris S. Young said, "Having qualified for the NASDAQ Global Select Market is significant validation of the Company and our Board's dedication to corporate governance practices of the highest standard and integrity. Inclusion in this market should increase our visibility in the capital markets and further broaden our shareholder base."
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, fiber optic communications and solar cell. 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. 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.
(1) Please note that inclusion in the Global Select Market is contingent on the Company maintaining compliance with the continued inclusion requirements for the Global Market through December 31, 2010.
Contacts: Raymond A. Low Chief Financial Officer (510) 683-5900 Leslie Green Green Communications Consulting, LLC (650) 312-9060
SOURCE: AXT, Inc.