AXT, Inc. (AXTI) declined 5.60 percent to $74.35, down $4.41 on Tuesday, after the company announced the pricing of a large public stock offering.
The stock is currently trading at $74.35, compared to its previous close of $78.76 on the Nasdaq. During the session, it reached a high of $76.47 and a low of $71.45, with trading volume of 10,751,896 shares, slightly above its average volume of 10,274,483.
AXT priced 8,560,311 shares at $64.25 per share, expecting to raise approximately $550 million, with potential proceeds rising to about $632.5 million if the overallotment option is exercised. The company plans to use the funds to expand production capacity, support research and development, and for general corporate purposes.
AXT's 52-week range is $1.20 to $83.25.
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