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AXT, Inc. (AXTI) Announces the Appointment of Morris Young as Chairman of its Board of Directors

August 12, 2021 5:00 PM EDT

AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor substrates, today announced that Morris Young, Chief Executive Officer, has been appointed Chairman of its Board of Directors, effective Aug. 12, 2021. Jesse Chen, who has served as Chairman of AXT’s Board of Directors since 2009, will continue to serve as Lead Independent Director and as a member of the Board.

The Nominating and Corporate Governance Committee and the Board of Directors decided to make this appointment in preparation for the proposed initial public offering (“IPO”) by Beijing Tongmei Xtal Technology Co., Ltd. (“Tongmei”) on the Shanghai Stock Exchange’s Sci-Tech innovAtion board (the “STAR Market”). This appointment comes at the request and advice of Tongmei’s advisors on the IPO matter.

Dr. Young has been Chairman of Tongmei since its founding in 1998 and will continue in this role. Previously, Dr. Young served as AXT’s Chairman of the Board of Directors from February 1998 to May 2004.

About AXT, Inc.

AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company’s substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. End markets include 5G infrastructure, data center connectivity (silicon photonics), passive optical networks, LED lighting, lasers, sensors, power amplifiers for wireless devices and satellite solar cells. AXT’s worldwide headquarters are in Fremont, California where the company maintains sales, administration and customer service functions. AXT has its Asia headquarters in Beijing, China and manufacturing facilities in three separate locations in China. In addition, as part of its supply chain strategy, the company has partial ownership in ten companies in China producing raw materials for its manufacturing process. For more information, see AXT’s website at http://www.axt.com.



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