AXT Inc. has announced a regulatory issue following the passing of Christine Russell, a member of its Board of Directors, on July 11, 2025. Russell's death has reduced the company's Audit Committee to two independent directors, which falls short of the Nasdaq Listing Rule 5605(c)(2)$(A)$ requirement for a minimum of three independent directors. AXT Inc. has informed the Nasdaq Stock Market LLC of this non-compliance and has been given a cure period to address the issue by the earlier of its next annual stockholders' meeting or July 11, 2026. The company plans to restore compliance by appointing a new independent director before the expiration of the cure period.
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