By Connor Hart
Shares of Applied Optoelectronics surged after the company inked a deal with Amazon.com, under which the retail giant can purchase nearly 8 million shares of Applied Optoelectronics's common stock.
The company's stock jumped 76%, to $28, in after-hours trading Thursday. Shares have lost more than half of their value since the beginning of the year, despite being up 23% in the past 52 weeks.
The Sugar Land, Texas, company--which provides fiber-optic access network products for the internet data-center, cable-broadband, telecom and fiber-to-the-home markets--said its deal with Amazon allows the company to acquire up to 7.9 million shares of its common stock for $23.70 apiece.
Upon signing the deal, Amazon received a warrant to purchase more than 1.3 million common shares, according to a Securities and Exchange Commission filing. The balance will vest over time based on purchases by Amazon and its affiliates, up to a total of $4 billion.
The warrant, which is subject to customary anti-dilution adjustments, may be exercised in whole or in part any time before March 13, 2035, Applied Optoelectronics said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 13, 2025 18:06 ET (22:06 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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