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Applied Optoelectronics Shares Surge 43% on Deal with Yuhan Optoelectronic Technology

Dow Jones2022-09-16

By Denny Jacob

Applied Optoelectronics Inc. shares surged 43% to $3.57 in after-hours trading Thursday after the company said it entered into a definitive agreement with Yuhan Optoelectronic Technology Co. for the sale of manufacturing facilities and certain assets for $150 million.

The optical communications products manufacturer said the agreement included the sale of its facilities located in China and certain assets related to its transceiver business and multi-channel optical sub-assembly products for the internet datacenter, telecom, and fiber-to-the-home markets.

The company said it expects the transaction, which was approved by its board, to be completed in 2023.

Applied Optoelectronics said it expects to invest an amount equal to between 4% and 10% of the estimated proceeds in exchange for a 10% equity interest in Yuhan prior to the close. The company currently intends to use the remainder of the proceeds for general working capital purposes.

Trading was halted at 4:05 p.m. EDT and resumed 35 minutes later.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

September 15, 2022 16:59 ET (20:59 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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