4 unchanged sentences
Holders of Common Stock
−Removed: As of February 24, 2025, there were 58,107,893 shares of Class A common stock outstanding held of r ecord by 46 stockholders.
+Added: A s of February 25, 2026, there were 60,705,783 shares of Class A common stock outstanding held of record by 46 stockholders.
The actual number of holders of Class A common stock is substantially greater and includes stockholders who are beneficial owners and whose shares are held of record by banks, brokers, and other financial institutions.
5 unchanged sentences
Sales of Unregistered Securities
−Removed: During the three months ended December 31, 2024, ACM Research issued, pursuant to the exercise of stock options at a per share exercise price of $0.50 per s hare, an aggregate of 323,824 shares of Clas s A common stock that were not registered under the Securities Act of 1933.
+Added: In the years ended December 31, 2025, 2024, and 2023, ACM Research issued, pursuant to the exercise of stock options at a per share exercise price of $0.50 per s hare, an aggregate o f 381,926, 945 ,010, and 646,057 shares of Clas s A common stock that were not registered under the Securities Act of 1933.
We believe the offer and sale of those shares were exempt from registration under the Securities Act of 1933 by virtue of Section 4(a)(2) thereof (or Regulation D promulgated thereunder) because they did not involve a public offering.
−Removed: The recipients of the shares acquired the securities for investment only and not with
−Removed: a view to or for sale in connection with any distribution thereof, and appropriate legends were recorded with respect to the shares.
+Added: The recipients of the shares acquired the securities for
+Added: Table of C ontents
+Added: investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were recorded with respect to the shares.
The recipients of the shares were accredited investors under Rule 501 of Regulation D.
−Removed: Sale Date Exercised
−Removed: November 5, 2024 27,028
−Removed: November 14, 2024 34,058
−Removed: November 14, 2024 262,738
−Removed: Total 323,824
Performance Graph
−Removed: The following graph compares the total return of an investment of $100 in cash at the closing price of November 3, 2017, which is the date our common stock first began trading on Nasdaq, through December 31, 2024 for (1) our common stock, (2) the Russell 1000 index, and (3) the Nasdaq Composite Index.
+Added: The following graph compares the total return of an investment of $100 in cash at the closing price as of December 31, 2020 and as of each year ended through December 31, 2025 for (1) our common stock, (2) the Russell 1000 index, and (3) the Nasdaq Composite Index.
All values assume reinvestment of all dividends.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.