Summary by Futu AI
On August 6, 2024, Applied Optoelectronics, Inc. amended its Equity Distribution Agreement with Raymond James & Associates, Inc. This amendment, referred to as Amendment No. 1, modifies the original agreement dated March 13, 2024. Under the revised Equity Distribution Agreement, Applied Optoelectronics may offer and sell up to $60 million worth of common stock through the Sales Agent. As of the amendment date, the company has already sold approximately $20.5 million in shares. The sales are considered 'at the market' offerings, primarily through the Nasdaq Global Market. The Sales Agent is compensated with up to 2% of the gross sales price and is reimbursed for certain expenses. Applied Optoelectronics has the right to suspend sales at any time and has agreed to indemnify the Sales Agent against certain liabilities. The offering will continue until all shares are sold or the agreement is otherwise terminated. The shares have been registered under the Securities Act, with the registration statement effective as of March 21, 2023.