Business Wire·Apr 22, 2026, 4:05 PM ET

AXT Announces Closing of Public Offering of Common Stock

AXT, Inc. closed an underwritten public offering of 8,560,311 shares of common stock at $64.25 per share.
The Company received approximately $550 million in total gross proceeds before deducting underwriting discounts, commissions, and other expenses.
Underwriters were granted a 30-day overallotment option to purchase up to 1,284,046 additional shares.
Full exercise of the overallotment option would result in aggregate gross proceeds of approximately $632.5 million.
Net proceeds will primarily support Beijing Tongmei Xtal Technology Co., Ltd. in expanding indium phosphide substrate capacity for global export, R&D, working capital, and general corporate purposes.
Northland Capital Markets served as the sole bookrunner, while Needham & Company, B. Riley Securities, Craig-Hallum Capital Group LLC, and Wedbush Securities Inc. acted as co-managers.
An effective shelf registration statement on Form S-3ASR was filed with the SEC on April 20, 2026.
The offering was conducted via a written prospectus and prospectus supplement available on the SEC website.
AXT develops and manufactures compound semiconductor wafer substrates including indium phosphide, gallium arsenide, and germanium for markets such as 5G, data centers, and satellite solar cells.
The Company maintains headquarters in Fremont, California, an Asia headquarters in Beijing, and manufacturing facilities in three locations in China.