AXT Shares Fall After Pricing $87 Million Public Offering

Dow Jones

Dec 29, 2025

By Connor Hart

Shares in AXT fell after the company priced an $87 million public offering of common stock.

The stock declined 15%, to $13.11, in premarket trading Monday. Through Friday's close, shares have surged roughly sevenfold over the past year.

The material-science company said before the bell that it plans to sell about 7.1 million shares of common stock for $12.25 apiece. It will also grant underwriters a 30-day option to purchase up to about 1 million additional shares at the offering price, minus discounts and commissions.

Gross proceeds from the offering, expected to close on or about Tuesday, are expected to be approximately $87 million.

The company said it will use net proceeds primarily to increase the manufacturing capacity of its subsidiary, Beijing Tongmei Xtal Technology, to produce indium phosphide substrates for export worldwide in response to growing industry demand.

It will additionally use proceeds for research and development of new and improved products, and for general corporate and working-capital purposes.

Northland Capital Markets is acting as sole bookrunner for the offering, while Wedbush Securities and Craig-Hallum Capital Group are acting as co-managers.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 29, 2025 07:29 ET (12:29 GMT)

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