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| AXTI > SEC Filings for AXTI > Form 8-K on 29-Apr-2009 | All Recent SEC Filings |
29-Apr-2009
Results of Operations and Financial Condition, Other Events, Financial Statements and Exh
On April 29, 2009, AXT, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2009. A copy of the Company's press release, announcing the results, is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information in Exhibit 99.1 hereto discussing the Company's results of operations and financial condition for the quarter ended March 31, 2009, is being "furnished" in accordance with General Instruction B.2 of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.
At its meeting held on April 27, 2009, the Compensation Committee of the Board of Directors of the Company approved the award of such number of shares of restricted stock to each of its directors equal to $20,000 divided by the Company's closing stock price on April 27, 2009 of $0.88, for an award to each member of the Board of Directors of 22,727 shares of Common Stock. These shares vest in equal annual installments over three years on the anniversary of the date of grant. Although the Compensation Committee had previously adopted a policy providing for an annual award of shares of restricted stock to members of the Board of Directors consisting of such number of shares of restricted stock valued at $25,000, based upon the closing stock price on the date of the grant, the Compensation Committee determined to reduce the 2009 annual award as described above given the Company's current stock price.
(d) Exhibits
99.1 Press release dated April 29, 2009, regarding the financial results of AXT, Inc. for the quarter ended March 31, 2009.
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