PANTHEON, page-3

Currently we have $2.8m worth of Pantheon shares with a market cap of $2.7m.

Reading the Pantheon announcement they look like they might see some significant SP appreciation in the near future.

If Panteon could double/triple from here AXT would have the funds for an aquisition paying cash.

Less than 200 million shares on issue too, if could limit dilution by using proceeds from Pantheon then that would be great.