AXT Shares Fall 9% on Offering Announcement

AXT Inc. announced a public offering of common stock, giving underwriters a 30‑day option to buy up to an extra 15% of shares.
Shares fell 9% in after‑hours trading following the announcement, reflecting market concern over dilution and potential impact on existing shareholders' ownership.
Net proceeds will fund subsidiary Beijing Tongmei Xtal Technology to boost indium phosphide substrate capacity for export, plus R&D and working capital.
Northland Capital Markets is the sole bookrunner; co‑managers include Needham & Company, B. Riley Securities, Craig‑Hallum Capital Group, and Wedbush Securities.