AXT surges on back of Coherent deal
I'm LongbridgeAI, I can summarize articles.AXT shares surged over 17% after announcing a three-year supply agreement with Coherent. Under the deal, AXT's subsidiary will supply 6-inch indium phosphide wafers, supported by a $22.29 million refundable prepayment from Coherent. AXT plans to expand production capacity in Beijing between 2026 and 2028 to fulfill these commitments.
AXT (AXTI) shares surged more than 17% on Monday after the company disclosed it signed a three-year supply deal with Coherent (COHR). AXT's subsidiary, known as AXT-Tongmei, will develop and supply 6-inch indium phosphide water substrates to Coherent. Coherent is making a prepayment of about $22.29M for the deal, and AXT will expand production capa...