Business Wire·Apr 21, 2026, 7:00 AM ET

AXT Announces Pricing of $550 Million Public Offering of Common Stock

AXT, Inc. priced an underwritten public offering of 8,560,311 shares of common stock at $64.25 per share.
Gross proceeds from the base offering are expected to be approximately $550 million before deducting underwriting discounts, commissions, and other expenses.
The Company granted underwriters a 30-day option to purchase up to 1,284,046 additional shares, which would increase aggregate gross proceeds to approximately $632.5 million if fully exercised.
The offering is expected to close on or about April 22, 2026, subject to customary closing conditions.
Net proceeds will primarily support Beijing Tongmei Xtal Technology Co., Ltd. in expanding indium phosphide substrate production capacity for global export.
Additional uses for proceeds include research & development of new or improved products, working capital, and general corporate purposes.
Northland Capital Markets serves as the sole bookrunner, while Needham & Company, B. Riley Securities, Craig-Hallum Capital Group LLC, and Wedbush Securities Inc. act as co-managers.
An effective shelf registration statement on Form S-3ASR was filed with the SEC on April 20, 2026.
AXT is a manufacturer of compound semiconductor wafer substrates including indium phosphide, gallium arsenide, and germanium for markets such as 5G infrastructure, data centers, lasers, and satellite solar cells.