News Article
AXT files with SEC to offer up to $60 million stock
The firm intends to use some of the net proceeds to expand its indium phosphide, gallium arsenide and other compound substrate manufacturing facilities in China.
AXT has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC).
When the shelf registration statement is declared effective by the SEC, AXT will have the option to offer and sell, from time to time in one or more offerings, up to $60 million of common stock, preferred stock, debt securities, warrants to purchase any of these securities, depository shares, units or any combination of such securities.
AXT says the timing of any offering will be at the company's discretion and will depend on many factors, including the prevailing market conditions. Specific terms and share prices of any future offering under the registration statement will be established at the time of any such offering, and will be described in a prospectus supplement that AXT will file with the SEC.
AXT intends to use the net proceeds from any sale of securities under the shelf registration statement for general corporate purposes, which may include capital expenditures in connection with AXT's planned expansion of its manufacturing facilities in China.
