Applied Optoelectronics Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.01. Entry into a Material Definitive Agreement.
On August 6, 2024, Applied Optoelectronics, Inc. (the “Company”) entered into Amendment No. 1 to the Equity Distribution Agreement (the “Amendment”) with Raymond James & Associates, Inc. (the “Sales Agent”), amending the Equity Distribution Agreement dated as of March 13, 2024 between the Company and the Sales Agent (the “Original Agreement” and, together with the Amendment, the “Equity Distribution Agreement”). Pursuant to the Equity Distribution Agreement, the Company may issue and sell shares of the Company’s common stock, par value $0.001 per share (the “Shares”) having an aggregate offering price of up to $60 million from time to time through the Sales Agent. As of August 6, 2024, pursuant to the Equity Distribution Agreement, the Company has sold 1,748,726 shares of Company’s common stock with an aggregate offering price of approximately $20.5 million.
Upon delivery of a placement notice and subject to the terms and conditions of the Equity Distribution Agreement, sales of the Shares will be made through the Sales Agent in transactions that are deemed to be “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), including sales made through the facilities of the Nasdaq Global Market, the principal trading market for the Company’s common stock, on any other existing trading market for the Company’s common stock, to or through a market maker or as otherwise agreed by the Company and the Sales Agent. In the placement notice, the Company will designate the maximum number of Shares to be sold through the Sales Agent, the time period during which sales are requested to be made, the minimum price for the Shares to be sold, and any limitation on the number of Shares that may be sold in any one day. Subject to the terms and conditions of the Equity Distribution Agreement, the Sales Agent will use its commercially reasonable efforts to sell Shares on the Company’s behalf up to the designated amount specified in the placement notice. The Company has no obligation to sell any Shares under the Equity Distribution Agreement and may at any time suspend offers and sales of the Shares under the Equity Distribution Agreement.
The Equity Distribution Agreement provides that the Sales Agent will be entitled to compensation of up to 2% of the gross sales price of the Shares sold through the Sales Agent from time to time. The Company has also agreed to reimburse the Sales Agent for certain specified expenses in connection with the registration of Shares under state blue sky laws and any filing with, and clearance of the offering by, the Financial Industry Regulatory Authority Inc., not to exceed $10,000 in the aggregate, and any associated application fees incurred. Additionally, if the Equity Distribution Agreement is terminated under certain circumstances, and the Company fails to sell a minimum amount of the Shares as set forth in the Equity Distribution Agreement, then the Company has agreed to reimburse the Sales Agent for reasonable out-of-pocket expenses, including the reasonable fees and disbursements of counsel incurred by the Sales Agent, up to a maximum of $30,000 in the aggregate. The Company agreed to indemnify the Sales Agent against certain liabilities, including liabilities under the Securities Act, or to contribute to payments that the Sales Agent may be required to make because of any of those liabilities.
The offering pursuant to the Equity Distribution Agreement will terminate upon the sale of all Shares subject to the Equity Distribution Agreement. The Equity Distribution Agreement may also be terminated by the Company or by the Sales Agent at any time.
The Shares to be issued and sold have been registered under the Securities Act, pursuant to the Company’s shelf registration statement on Form S-3 (Registration No. 333-269132) (the “Registration Statement”), which was declared effective by the Securities and Exchange Commission on March 21, 2023, including the prospectus contained therein, as supplemented by the prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act on March 13, 2024 and an amendment to the prospectus supplement dated August 6, 2024.
The foregoing description of the Equity Distribution Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Original Agreement, which was filed as Exhibit 1.1 to the Current Report on Form 8-K filed on March 13, 2024, and the Amendment, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 1.1 | Amendment No. 1 to Equity Distribution Agreement, dated August 6, 2024, between Applied Optoelectronics, Inc. and Raymond James & Associates, Inc. | |
| 5.1 | Opinion of Haynes and Boone, LLP. | |
| 23.1 | Consent of Haynes and Boone, LLP (included in Exhibit 5.1). | |
| 104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| APPLIED OPTOELECTRONICS, INC. | ||
| Date: August 6, 2024 | By: | /s/ David C. Kuo |
| Name: | David C. Kuo | |
| Title: | Senior Vice President and Chief Legal Officer | |