Summary by Futu AI
On March 13, 2024, Applied Optoelectronics, Inc. announced the entry into an Equity Distribution Agreement with Raymond James & Associates, Inc. The agreement allows the company to issue and sell shares of common stock up to $25 million through 'at the market' offerings. These transactions may occur on the Nasdaq Global Market or other trading markets. The company has the discretion to specify the number of shares, the time period for sales, minimum price, and daily sale limits in a placement notice. While there is no obligation to sell any shares, the agreement stipulates that the sales agent will make reasonable efforts to sell the designated shares. The sales agent will receive up to 2% of the gross sales price as compensation and may be reimbursed for certain expenses. The company also agreed to indemnify the sales agent against certain liabilities. The offering will continue until all shares are sold or the agreement is terminated by either party. The shares have been registered under the Securities Act, with the registration statement effective as of March 21, 2023.