AXT, Inc. announced the pricing of an underwritten public offering of 7,098,492 shares of common stock at $12.25 per share.
The gross proceeds from the offering are expected to be approximately $87 million.
The Company granted the underwriter an Overallotment Option for an additional 1,064,773 shares, potentially increasing the proceeds to $100 million.
Public Offering Details
7,098,492 shares priced at $12.25 per share, expected to raise $87 million before expenses.
Use of Proceeds
Net proceeds will primarily increase the manufacturing capacity of subsidiary Beijing Tongmei Xtal Technology Co., Ltd.
Bookrunners
Northland Capital Markets is the sole bookrunner, with Wedbush Securities Inc. and Craig-Hallum Capital Group LLC as co-managers.
- The offering aims to support manufacturing capacity expansion for indium phosphide substrates in response to industry demand.
- Proceeds will also fuel research, development of new products, and cover general corporate and working capital needs.
AXT's strategic public offering sets the stage for enhanced production capabilities and future product innovation in response to industry demands.