$AAOI down more than 10% after hours because of the new $600M ATM. I think the reaction is overdone. This is an authorization to sell UP TO $600M of shares over time. It is not a $600M stock sale that happened tonight. Even if the entire ATM is eventually used near current prices, we're talking roughly 5–6% dilution. Meanwhile, nothing announced tonight changes AAOI's customer demand, 800G/1.6T growth story or capacity expansion. The market is pricing the dilution immediately while giving almost no credit to what that $600M could help AAOI build.
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