AXT raises $100m from share offering
Compound wafer manufacturer AXT 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. This included the full exercise of the underwriters’ option to purchase an additional 1,064,773 shares of the company’s common stock.
The company received total gross proceeds of approximately $100 million, before deducting the underwriting discounts and commissions and other offering expenses.
The proceeds from the offering will be used to increase the manufacturing capacity of its subsidiary, Beijing Tongmei Xtal Technology Co., Ltd., to produce InP substrates for export worldwide in response to growing industry demand, for research and development of new or improved products, and for general corporate and working capital purposes.
