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2 March 2017

AXT prices public offering to raise $27.7m

AXT Inc of Fremont, CA, USA – which makes gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge) substrates and raw materials – has priced its underwritten public offering of 4,615,385 shares of common stock (announced yesterday) at a price to the public of $6.50 per share. The offering is expected to close on or about 7 March, subject to satisfaction of customary closing conditions.

AXT also granted the underwriters a 30-day option to purchase up to an additional 692,307 shares.

After deducting the underwriting discount and estimated offering expenses payable by AXT, the firm expects to receive net proceeds of about $27.7m, assuming no exercise of the over-allotment option.

AXT intends to use the net proceeds for general corporate purposes, which may include the relocation of its gallium arsenide (GaAs) product line, working capital, capital expenditures and other corporate expenses.

A shelf registration statement relating to the shares of common stock was previously filed with the Securities and Exchange Commission (SEC) and declared effective on 4 November 2016. A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on its website. Copies of the prospectus supplement (when available) and accompanying prospectus may be obtained from the sole book-running manager, Needham & Company LLC. Craig-Hallum Capital Group LLC is acting as co-manager for the offering.

See related items:

AXT's Q4 revenue up 12% year-on-year to a higher-than-expected $20.3m

Tags: AXT GaAs substrate InP Germanium

Visit: www.axt.com

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