News: Suppliers
23 April 2026
AXT closes public offering, raising $550m
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 8,560,311 shares of common stock at $64.25 per share. The firm received total gross proceeds of about $550m, before deducting the underwriting discounts and commissions and other offering expenses.
In addition, AXT granted the underwriter a 30-day overallotment option to purchase up to 1,284,046 additional shares at the public offering price, minus the underwriting discounts. If the overallotment option is fully exercised, the firm expects to receive aggregate gross proceeds of about $632.5m, before deducting underwriting discounts and commissions and other offering expenses.
AXT intends to use the net proceeds from the offering primarily to financially support its subsidiary Beijing Tongmei Xtal Technology Co Ltd in its efforts to increase its capacity to produce indium phosphide substrates for export worldwide, for R&D of new or improved products, and for working capital and for general corporate purposes.
Northland Capital Markets acted as sole bookrunner for the offering. Needham & Company, B. Riley Securities, Craig-Hallum Capital Group LLC and Wedbush Securities Inc acted as co-managers.
AXT’s Q4/2025 revenue constrained by delay in China export permits
AXT closes public offering of stock and full exercise of underwriters’ option
AXT’s Tongmei receives China export permits to resume shipping InP substrates to certain customers
