AXT INC (AXTI): Nasdaq/NYSE listing notice — AXT non-compliant with Nasdaq audit committee rules after director death; cure period through mid-2026

AXT INC

Passing of director Christine Russell left Audit Committee with only two independent directors, violating Nasdaq Rule 5605(c)(2)(A).
Nasdaq granted cure period: compliance required by earlier of next annual meeting or July 11, 2026.
If 2025 annual meeting held before Jan 7, 2026, compliance deadline is Jan 7, 2026 instead.
Company intends to regain compliance by appointing a new independent director meeting Nasdaq requirements.

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 0.75

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

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

Exact text from the filing

January 18, 2025, Nasdaq notified the Company that due to the passing of Ms. Russell, the Company no longer complies with the audit committee requirement under Nasdaq Lising Rule 5605(c)(2)(A). Nasdaq further notified the Company that, consistent with Nasdaq Listing Rule 5605(c)(4), Nasdaq will provide the Company a cure period in order to regain compliance (i) until the earlier of the Company’s next annual meeting of shareholders or July 11, 2026; or, (ii) if the next annual meeting of shareholders is held before January 7, 2026, then the Company must provide evidence of compliance no later t

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Source: SEC EDGAR

accession 0001437749-25-023321

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