Company: AAOI
Filing Date: 2025-05-28
Form Type: 424B5
Source: 0001104659-25-053547
Chunk: 9

Company: APPLIED OPTOELECTRONICS, INC.
Filing Date: 2025-05-28
Form: 424B5
Chunk 9
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 prospectus may be sold in “at-the-market” offerings, and investors who buy shares at different times will likely pay different prices.

Investors who purchase shares under this prospectus supplement and the accompanying base prospectus at different times will likely pay different prices, and so may experience different outcomes. We will have discretion, subject to market demand, to vary the timing and numbers of shares sold, and there is no minimum or maximum sales price. Investors may experience declines in the value of their shares as a result of share sales made at prices lower than the prices they paid.

The actual number of shares we will issue under the sales agreement, at any one time or in total, is uncertain.

Subject to certain limitations in the sales agreement and compliance with applicable law, we have the discretion to deliver a sales notice to one or both of the Agents at any time throughout the term of the sales agreement. The number of shares that are sold by the Agents after delivering a sales notice will fluctuate based on the market price of the common shares during the sales period and limits we set with the Agents. Because the price per share of each share sold will fluctuate based on the market price of our common stock during the sales period, it is not possible at this stage to predict the number of shares that will ultimately be issued.

You will experience immediate and substantial dilution in the net tangible book value per share of the common stock you purchase in the offering.

The offering price per share in this offering exceeds the pro forma net tangible book value per share of our common stock outstanding as of March 31, 2025. Assuming that we sell an aggregate of 5,387,932 shares of our common stock at a price of  $18.56 per share, the last reported sale price of our common stock on The Nasdaq Global Market on May 27, 2025, for aggregate gross proceeds of approximately $100,000,000, and after deducting commissions and estimated aggregate offering expenses payable by us, you will experience immediate dilution of  $11.58 per share. See the section titled “Dilution” below for a more detailed illustration of the dilution you would incur if you participate in this offering. See “—You may experience significant dilution as a result of future financings and the exercise of outstanding options or warrants” below for a more detailed discussion of the dilution you will incur if you purchase common stock in this offering.

You may experience significant dilution as a result of future financings and the