InvestmentApr 21, 2026, 07:11 AM
AXT to Raise $550M-$632.5M via Common Stock Offering
AI Summary
AXT, Inc. has entered into an underwriting agreement with Northland Securities, Inc. for the offer and sale of 8,560,311 shares of its common stock at $64.25 per share. This offering is expected to generate approximately $550 million in gross proceeds for the company. The underwriters also have an option to purchase up to 1,284,046 additional shares, which could increase the total gross proceeds to $632.5 million. The company plans to use the net proceeds to support its subsidiary, Beijing Tongmei Xtal Technology Co., Ltd., in expanding indium phosphide substrate production capacity for export and for research and development.
Key Highlights
- AXT, Inc. entered an underwriting agreement for 8,560,311 common shares.
- Public offering price is $64.25 per share.
- Gross proceeds expected to be $550 million for base shares.
- Underwriters have a 30-day option for 1,284,046 additional shares.
- Full exercise could bring total gross proceeds to $632.5 million.