Stock Track | AXT Inc Plunges 5.12% After Closing $550 Million Follow-On Stock Offering

Stock Track

04/23

AXT Inc (AXTI) saw its stock price plunge 5.12% in the night session on Wednesday, following the completion of a significant equity offering.

The decline came after the company announced the closing of an underwritten public offering of 8,560,311 common shares priced at $64.25 per share, generating gross proceeds of approximately $550 million. The offering includes an overallotment option that could bring total proceeds to about $632.5 million if fully exercised.

Such follow-on offerings often lead to stock price pressure due to dilution concerns among existing shareholders. The company stated that net proceeds from the offering are earmarked primarily to support capacity expansion for indium phosphide substrates at its Beijing Tongmei Xtal facility.

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