Overview
- AXT, which announced the equity sale Monday after filing an effective shelf registration and a preliminary prospectus, said the deal remains subject to market conditions.
- Pre‑market Tuesday, outlets reported a price of $64.25 for 8,560,311 shares with a 30‑day option for 1,284,046 more, pointing to about $550 million in proceeds that could rise to roughly $632.5 million.
- Shares fell about 6.5% after hours Monday and traded down roughly 12% Tuesday morning following the disclosure of the stock sale.
- AXT said it plans to use most of the cash to expand output at Beijing Tongmei for indium phosphide wafers used in high‑speed optical links in data centers, with the rest for R&D, working capital, and general needs.
- The company guided first‑quarter revenue to $26 million to $28 million and projected a net loss of about $1.6 million to $2.6 million, and a reported prospectus noted a 60‑day lockup for executives and directors.