News: Suppliers
30 December 2025
AXT prices public offering of stock to raise $87m
AXT Inc of Fremont, CA, USA — which makes gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge) substrates and raw materials at plants in China — has announced the pricing of an underwritten public offering of 7,098,492 shares of common stock at a price of $12.25 per share.
Gross proceeds are expected to be about $87m, before deducting underwriting discounts and commissions and other offering expenses.
In addition, AXT granted the underwriter a 30-day option to purchase up to 1,064,773 additional shares at the public offering price, less the underwriting discounts. If this overallotment option is fully exercised, the firm expects to receive total gross proceeds of about $100m.
The offering is expected to close on or about 30 December, subject to customary closing conditions.
AXT intends to use the net proceeds from the offering primarily to increase the manufacturing capacity of its subsidiary Beijing Tongmei Xtal Technology Co Ltd (to produce indium phosphide substrates for export worldwide in response to growing industry demand), for R&D of new or improved products, and for general corporate and working capital purposes.
Northland Capital Markets is acting as sole bookrunner for the offering. Wedbush Securities Inc and Craig Hallum Capital Group LLC are acting as co-managers.
AXT’s Q3 revenue far exceeds guidance, after China export licenses granted for InP
AXT’s Tongmei receives China export permits to resume shipping InP substrates to certain customers
