News: Suppliers
24 April 2026
AXT announces exercise of over-allotment option in public offering
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 — says that, in connection with its underwritten public offering of 8,560,311 shares of common stock (completed on 22 April), the underwriters have exercised their over-allotment option to purchase an additional 1,284,046 shares at a price of $64.25, yielding additional gross proceeds of about $82.5m, 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.
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AXT’s Tongmei receives China export permits to resume shipping InP substrates to certain customers
