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revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="font-family:'Segoe UI Symbol';font-size:11pt;">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Securities registered pursuant to Section 12(b) of the Act:</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><a id="_8c0e94f8_44a4_4817_a7cc_fe54e50f62e6"></a><a id="Tc_YL06lYWjzEaEfX9eobyD0w_0_0"></a><a id="Tc_cq--U5LNpUy1Sd099jK-zQ_0_2"></a><a id="Tc_eQgUZsq9Uk6QAnW9DeoQnw_0_4"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:31.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Title&#160;of&#160;each&#160;class:</b></p></td><td style="vertical-align:top;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:26.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trading&#160;Symbol</b></p></td><td style="vertical-align:top;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:39.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name&#160;of&#160;each&#160;exchange&#160;on&#160;which&#160;registered:</b></p></td></tr><tr><td style="vertical-align:top;width:31.22%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_25_2020_To_12_25_2020_f50ct4dPxU67t-75PGbELA" name="dei:Security12bTitle" id="Tc_VO60DXEIdkqvVK5aLIc3gg_1_0">Common Stock, $0.001 par value</ix:nonNumeric></p></td><td style="vertical-align:top;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:26.43%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_25_2020_To_12_25_2020_f50ct4dPxU67t-75PGbELA" name="dei:TradingSymbol" id="Tc_ZGKSBKcwZE--cQNBlY1CCw_1_2">AXTI</ix:nonNumeric></p></td><td style="vertical-align:top;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:39.03%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_12_25_2020_To_12_25_2020_f50ct4dPxU67t-75PGbELA" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_Y0CWO2DLVk-rX-hRVPMU6A_1_4">The NASDAQ Stock Market LLC</ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><a id="_feeba129_1626_4c5b_9481_94ce1322209f"></a></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">References to &#8220;AXT&#8221; refer to AXT, Inc. and references to &#8220;Tongmei&#8221; refer to Beijing Tongmei Xtal Technology Co., Ltd. For purposes of this Current Report on Form 8-K, amounts in Renminbi, or RMB, have been translated into approximate amounts in U.S. dollars solely for the convenience of the reader.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 1.01 Entry into a Material Definitive Agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">On December 25, 2020, AXT and Tongmei entered into two sets of definitive transaction documents, each consisting of a capital increase agreement in substantially the same form (collectively, the &#8220;Capital Increase Agreements&#8221;), a supplemental agreement in substantially the same form (collectively, the &#8220;First Supplemental Agreements&#8221;) and a second supplemental agreement in substantially the same form (collectively, the &#8220;Second Supplemental Agreements&#8221; and together with the Capital Increase Agreements and First Supplemental Agreements, the &#8220;Transaction Documents&#8221;), with several private equity investors in China (each, an &#8220;Investor&#8221; and collectively, the &#8220;Investors&#8221;). The Investors are Fujian Province An Xin Industry Investment Fund Partnership (L.P.), Jinggangshan Meicheng Equity Investment Partnership (L.P.), Hefei Walden II IC Industry Investment Partnership (L.P.), Qingdao Xinxingyi Equity Investment Fund Partnership (L.P.), Qiji (Hangzhou) Investment Consulting Co. Ltd., Sunrise Baoying (Ningbo) Investment Center (LP) and Gongqingcheng Yi Hua Tong Ze Investment Partnership (L.P.).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Capital Increase Agreements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In exchange for an approximately 3.723<span style="font-family:'SimSun';">%</span> minority interest in Tongmei, the Investors invested approximately $25 million into Tongmei pursuant to the Transaction Documents. The investment is the second tranche of private equity investment in Tongmei. In the first tranche of private equity investment in Tongmei, Liaoning Haitong New Energy Low-Carbon Industry Equity Investment Fund Co., Ltd., Liaoning Haitong New Kinetic Energy Equity Investment Fund Partnership (Limited Partnership) and Haitong Innovation Securities Investment Co., Ltd. invested approximately $22.5 million, which represents an approximately 3.351% minority interest in Tongmei following the completion of the second tranche investment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Under the Capital Increase Agreements, each Investor has agreed to pay to Tongmei a specified RMB amount to acquire equity interests of Tongmei (the &#8220;Placement Shares&#8221;). The second tranche investment was funded on December 28, 2020. Pursuant to the Capital Increase Agreements, in the event of any hostile takeover or any attempted change in control of AXT, AXT&#8217;s board of directors shall, subject to the directors&#8217; fiduciary duties, take defensive measures to avoid material changes to AXT&#8217;s capitalization, board of directors or management.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">First Supplemental Agreements and Second Supplemental Agreements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under the First Supplemental Agreements, Tongmei has agreed to use best efforts to complete certain restructuring steps by March 31, 2021 to facilitate the proposed listing of Tongmei&#8217;s shares on a stock exchange in the People&#8217;s Republic of China (the &#8220;Listing&#8221;). Under the First Supplemental Agreements and Second Supplemental Agreements, if the Listing has not been completed and the China Securities Regulatory Commission has not otherwise approved Tongmei&#8217;s Listing application by December 31, 2022, then each Investor will have the right to require AXT to repurchase such Investor&#8217;s Placement Shares at a price equal to the initial purchase price paid by such Investor, without interest. The investment is an &#8220;at-risk&#8221; investment and is not collateralized or supported by third party guarantees.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Pursuant to the terms of the First Supplemental Agreements, if the Listing is completed, then each Investor will be prohibited from selling or otherwise transferring its Placement Shares for a period of one year from the listing date. In addition, under the First Supplemental Agreements, each Investor is entitled to, among other rights, a right of first refusal and co-sale right with respect to AXT&#8217;s transfer of shares of Tongmei prior to the Listing. Each Investor is also entitled to broad-based weighted average anti-dilution protection with respect to the Placement Shares prior to the Listing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:37.05pt;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.7pt;padding-right:0.7pt;width:100%;"><tr><td style="vertical-align:top;width:3.86%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:48.02%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:48.11%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">AXT, INC.</b></p></td></tr><tr><td style="vertical-align:top;width:3.86%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:48.02%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:48.11%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:3.86%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:48.02%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="letter-spacing:-0.1pt;">By:</span></p></td><td style="vertical-align:top;width:30.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;">/s/ Gary L. Fischer</span></p></td><td style="vertical-align:top;width:17.59%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td></tr><tr style="height:0pt;visibility:hidden;"><td colspan="4" style="padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:3.86%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:48.02%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:48.11%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;">Gary L. Fischer</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;">Chief Financial Officer and Corporate Secretary</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;white-space:pre-wrap;">Date:  </span>December 31, 2020</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:12pt;"> </span><span style="font-size:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt;"><span style="font-size:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
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{"company-data": {"conformed-name": "AXT INC", "cik": "0001051627", "assigned-sic": "3674", "irs-number": "943031310", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24085", "film-number": "201429131"}, "business-address": {"street1": "4281 TECHNOLOGY DR.", "city": "FREMONT", "state": "CA", "zip": "94538", "phone": "510.438.4734"}, "mail-address": {"street1": "4281 TECHNOLOGY DR.", "city": "FREMONT", "state": "CA", "zip": "94538"}, "former-company": {"former-conformed-name": "AMERICAN XTAL TECHNOLOGY", "date-changed": "19971217"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
​
​
FORM
8-K
​
CURRENT REPORT
​
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
​
Date of Report (Date of earliest event reported):
December 25, 2020
​
​
AXT, INC.
(Exact name of registrant as specified in its charter)
​
​
​
​
​
​
​
Delaware
000-24085
94-3031310
(State or other jurisdiction of incorporation)
​
(Commission File Number)
​
(IRS Employer Identification No.)
​
​
4281 Technology Drive
Fremont
,
California
94538
(Address of principal executive offices) (Zip Code)
​
​
Registrant's telephone number, including area code:  (
510
)
438-4700
​
​
Not Applicable
(Former name or former address, if changed since last report)
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
​
Emerging growth company
☐
​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
​
Securities registered pursuant to Section 12(b) of the Act:
​
Title of each class:
Trading Symbol
Name of each exchange on which registered:
Common Stock, $0.001 par value
​
AXTI
​
The NASDAQ Stock Market LLC
​
References to "AXT" refer to AXT, Inc. and references to "Tongmei" refer to Beijing Tongmei Xtal Technology Co., Ltd. For purposes of this Current Report on Form 8-K, amounts in Renminbi, or RMB, have been translated into approximate amounts in U.S. dollars solely for the convenience of the reader.
​
Item 1.01 Entry into a Material Definitive Agreement.
​
On December 25, 2020, AXT and Tongmei entered into two sets of definitive transaction documents, each consisting of a capital increase agreement in substantially the same form (collectively, the "Capital Increase Agreements"), a supplemental agreement in substantially the same form (collectively, the "First Supplemental Agreements") and a second supplemental agreement in substantially the same form (collectively, the "Second Supplemental Agreements" and together with the Capital Increase Agreements and First Supplemental Agreements, the "Transaction Documents"), with several private equity investors in China (each, an "Investor" and collectively, the "Investors"). The Investors are Fujian Province An Xin Industry Investment Fund Partnership (L.P.), Jinggangshan Meicheng Equity Investment Partnership (L.P.), Hefei Walden II IC Industry Investment Partnership (L.P.), Qingdao Xinxingyi Equity Investment Fund Partnership (L.P.), Qiji (Hangzhou) Investment Consulting Co. Ltd., Sunrise Baoying (Ningbo) Investment Center (LP) and Gongqingcheng Yi Hua Tong Ze Investment Partnership (L.P.).
​
Capital Increase Agreements
​
In exchange for an approximately 3.723
%
minority interest in Tongmei, the Investors invested approximately $25 million into Tongmei pursuant to the Transaction Documents. The investment is the second tranche of private equity investment in Tongmei. In the first tranche of private equity investment in Tongmei, Liaoning Haitong New Energy Low-Carbon Industry Equity Investment Fund Co., Ltd., Liaoning Haitong New Kinetic Energy Equity Investment Fund Partnership (Limited Partnership) and Haitong Innovation Securities Investment Co., Ltd. invested approximately $22.5 million, which represents an approximately 3.351% minority interest in Tongmei following the completion of the second tranche investment.
​
Under the Capital Increase Agreements, each Investor has agreed to pay to Tongmei a specified RMB amount to acquire equity interests of Tongmei (the "Placement Shares"). The second tranche investment was funded on December 28, 2020. Pursuant to the Capital Increase Agreements, in the event of any hostile takeover or any attempted change in control of AXT, AXT's board of directors shall, subject to the directors' fiduciary duties, take defensive measures to avoid material changes to AXT's capitalization, board of directors or management.
​
First Supplemental Agreements and Second Supplemental Agreements
​
Under the First Supplemental Agreements, Tongmei has agreed to use best efforts to complete certain restructuring steps by March 31, 2021 to facilitate the proposed listing of Tongmei's shares on a stock exchange in the People's Republic of China (the "Listing"). Under the First Supplemental Agreements and Second Supplemental Agreements, if the Listing has not been completed and the China Securities Regulatory Commission has not otherwise approved Tongmei's Listing application by December 31, 2022, then each Investor will have the right to require AXT to repurchase such Investor's Placement Shares at a price equal to the initial purchase price paid by such Investor, without interest. The investment is an "at-risk" investment and is not collateralized or supported by third party guarantees.
​
Pursuant to the terms of the First Supplemental Agreements, if the Listing is completed, then each Investor will be prohibited from selling or otherwise transferring its Placement Shares for a period of one year from the listing date. In addition, under the First Supplemental Agreements, each Investor is entitled to, among other rights, a right of first refusal and co-sale right with respect to AXT's transfer of shares of Tongmei prior to the Listing. Each Investor is also entitled to broad-based weighted average anti-dilution protection with respect to the Placement Shares prior to the Listing.
​
​
SIGNATURES
​
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
​
​
​
AXT, INC.
​
​
​
​
By:
/s/ Gary L. Fischer
​
​
​
Gary L. Fischer
Chief Financial Officer and Corporate Secretary
​
Date:
December 31, 2020
​
​
​
​
​
​
​
​
​
​
​