Company: AAOI
Filing Date: 2025-11-07
Form Type: 424B5
Source: 0001104659-25-108494
Chunk: 14

Company: APPLIED OPTOELECTRONICS, INC.
Filing Date: 2025-11-07
Form: 424B5
Chunk 14
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 may find it necessary or advisable to use portions of the proceeds from this offering for other purposes.

Pending other uses, we intend to invest the proceeds in investment-grade, interest-bearing securities such as money market funds, certificates of deposit, or direct or guaranteed obligations of the U.S. government, or hold as cash. We cannot predict whether the proceeds invested will yield a favorable, or any, return.

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TABLE OF CONTENTS

DILUTION If you purchase shares of our common stock in this offering, your interest will be diluted to the extent of the difference between the public offering price per share and the net tangible book value per share of our common stock after this offering. We calculate net tangible book value per share by dividing our net tangible assets (tangible assets less total liabilities) by the number of shares of our common stock issued and outstanding as of September 30, 2025. Our historical net tangible book value at September 30, 2025 was $555,444,731 or approximately $8.16 per share of our common stock. After giving effect to the sale of our common stock in the aggregate amount of approximately $180,000,000 in this offering, at an assumed offering price of $29.10 per share, the last reported sale price of our common stock on The Nasdaq Global Market on November 6, 2025, and after deducting estimated offering expenses and commissions payable by us, our adjusted net tangible book value as of September 30, 2025 would have been approximately $731,844,731, or approximately $9.83 per share of our common stock. This represents an immediate increase in the net tangible book value of $1.67 per share of our common stock to our existing stockholders and an immediate dilution in net tangible book value of approximately $19.27 per share of our common stock to new investors. The following table illustrates per share dilution:

| ​ | Assumed public offering price per share                                                                  | ​ | ​ | ​ | $ | 29.10 | ​ | ​ |
| ​ | Net tangible book value per share as of September 30, 2025                                               | ​ | ​ | ​ | $ |  8.16 | ​ | ​ |
| ​ | Increase in net tangible book value per share attributable to this offering                              | ​ | ​ | ​ | $ |  1.67 | ​ | ​ |
| ​ | Adjusted net tangible book value per