AXT, Inc. Effects Secondary Public Offering of 2.2 Million Shares of Common Stock
Source: AXT, Inc
Fremont, CA. AXT, Inc. (Nasdaq: AXTI), announced today the pricing of a secondary public offering of 2.2 million shares of common stock, including 20,000 shares offered by a selling shareholder, at $34.25 per share.
The company has granted the underwriters an option to purchase an additional 330,000 shares to cover over-allotments, if any. The offering was 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. AXT expects to use its net proceeds from the offering for expansion of its manufacturing capacity, repayment of debt, working capital and other general corporate purposes. A copy of the prospectus may be obtained from Prudential Securities, 111 8th Avenue, 5th Floor, New York, NY 10011, fax: 212-776-8144.
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 of qualification under the securities laws of any state or jurisdiction.
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.
This news release includes statements that may constitute forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although AXT, Inc. believes statements are reasonable, it can make no assurances that such expectations will prove to be correct. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.
Contact: Leslie Green of Stapleton Communications Inc. Tel: 650-470-4222 for AXT or Don Tatzin of AXT, Inc. Tel: 510-683-5900
Leslie Green of Stapleton Communications Inc.
Tel: 650-470-4222 for AXT
or
Don Tatzin of AXT, Inc.
Tel: 510-683-5900
