AXT, Inc. Files Registration Statement for Public Offering of 2.2 Million Shares of Common Stock
Source: AXT, Inc.
Fremont, CA. AXT, Inc. (Nasdaq: AXTI), announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of up to 2.2 million shares of common stock, including 100,000 shares offered by a selling stock holder.
AXT expects to use its net proceeds from the offering for repayment of debt, expansion of its manufacturing capacity, working capital and other general corporate purposes.
In addition, the company has granted the underwriters an option to purchase an additional 330,000 shares to cover over-allotments, if any. The offering will be lead managed by Prudential Volpe Technology Group, a unit of Prudential Securities, and co-managed by CIBC World Markets, Wit SoundView, ABN Amro Inc. and Pacific Crest Securities.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
Copies of the preliminary prospectus, when available, may be obtained from Prudential Securities, 111 8th Avenue, 5th Floor, New York, NY 10011, fax: 212-776-8144.
About AXT, Inc.
AXT designs, develops, manufactures and markets high-performance substrates for the communications industry. AXT is also a producer of light-emitting diodes (LEDs) for the display and lighting industries and diodes for laser pointers. The company s proprietary Vertical Gradient Freeze (VGF) crystal growth technology produces low-defect, semi-insulating and semi-conducting gallium arsenide, indium phosphide and germanium substrates. The company has also introduced gallium nitride substrates for manufacturing blue LEDs. AXT is traded on the Nasdaq National Market under the symbol AXTI.
Contact: Don Tatzin of AXT, Inc., Tel: 510-683-5900 or Leslie Green of Stapleton Communications Inc., Tel: 650-470-4222, for AXT, Inc.
Don Tatzin of AXT, Inc.,
Tel: 510-683-5900
or Leslie Green of Stapleton Communications Inc.,
Tel: 650-470-4222, for AXT, Inc.
