News: Suppliers
31 December 2025
AXT closes public offering of stock and full exercise of underwriters’ option
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 closed its underwritten public offering of 8,163,265 shares of common stock at a price to the public of $12.25 per share, including the full exercise of the underwriters’ option to purchase an additional 1,064,773 shares. The firm received total gross proceeds of about $100m, before deducting the underwriting discounts and commissions and other offering expenses.
AXT intends to use the net proceeds 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 acted as sole bookrunner for the offering. Wedbush Securities Inc and Craig-Hallum Capital Group LLC acted 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
