🟢 AXT Inc is trading 4.3% up today on a $25.4 million indium phosphide supply agreement

AXT Inc is trading 4.3% up at $96.09 in pre-market following the announcement of a significant long-term supply contract.

• Subsidiary Tongmei signed a ~$25.4 million agreement with Nanjing Casela for the supply of indium phosphide wafers, establishing a material recurring revenue stream.
• The stock is rebounding after recent market volatility and a sharp selloff recorded on June 16.
• Investors are reacting positively to the deal's potential to provide long-term financial stability and growth in the semiconductor materials space.