Shares of Applied Optoelectronics fell after the company struck a deal to issue and sell up to $600 million worth of shares of its common stock.

The stock was trading 13% lower, at $108.87, in premarket trading Monday. Through Friday's close, shares have more than tripled in value so far this year.

Applied Optoelectronics said late Friday that it entered a deal with two sales agents, Raymond James and Needham, through which it can issue and sell its common stock from time to time.

Still, the company didn't specify how it plans to use the proceeds from the sale.

The agreement provides that Raymond James and Needham will receive as compensation 2% of the gross sales prices of the shares sold through them.

Applied Optoelectronics also agreed to reimburse the agents for certain specific expenses in connection with the stock sales.