AXT INC (AXTI): Nasdaq/NYSE listing notice — AXT reports board director death; Audit Committee now non-compliant with Nasdaq rule

AXT INC

Christine Russell, independent director and Audit Committee Chair, passed away on July 11, 2025.
Audit Committee reduced to two independent directors, violating Nasdaq Listing Rule 5605(c)(2)(A).
Company has cure period until earlier of next annual meeting or July 11, 2026 to regain compliance.
Board will begin search for a new independent director qualified for Audit Committee.
No other listing issues; common stock continues trading on Nasdaq under symbol AXTI.

item 3.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

AXT INC received a nasdaq noncompliance notice notice regarding audit committee (rules 5605(c)(2)(A), 5605(c)(4)(B)).

Exchange: nasdaq
Notice: noncompliance notice
Deficiency: audit committee
Rules: 5605(c)(2)(A), 5605(c)(4)(B)

Exact text from the filing

July 14, 2025, the Company notified The Nasdaq Stock Market LLC (“Nasdaq”) that due to Ms. Russell's death, the Company’s Audit Committee has been reduced to two independent directors, and the Company is not compliant with Nasdaq Lising Rule 5605(c)(2)(A), which requires the Audit Committee to be comprised of a minimum of three independent directors. Pursuant to Nasdaq Listing Rule 5605(c)(4)(B), the Company has a cure period to regain compliance until the earlier of the Company’s next annual meeting of stockholders or July 11, 2026. The Company intends to regain compliance as soon as possible

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Source: SEC EDGAR

accession 0001437749-25-023014

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