AXT, Inc. (AXTI), Tuesday announced the pricing of an underwritten public offering of about 8.56 million shares for $64.25 per share, expecting to raise approximately $550 million.
The company intends to use the proceeds primarily to financially support our subsidiary Beijing Tongmei Xtal Technology Co., Ltd. to increase its capacity to produce indium phosphide substrates for export worldwide, for research and development of new or improved products, and for working capital and for general corporate purposes.
Additionally, the company has granted a 30-day option to purchase up to about 1.28 million shares for underwriters at the public offering price.
The offering is expected to close on or about April 22, 2026.
In the pre-market hours, AXTI is trading at $69.35, down 11.99 percent on the Nasdaq.
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