07:32 AM EST, 12/29/2025 (MT Newswires) -- AXT (AXTI) said Monday it priced an underwritten public offering of 7.1 million shares at $12.25 each, raising about $87 million in gross proceeds.

The company granted the underwriter a 30-day option to purchase up to 1.1 million additional shares. If the overallotment option is fully exercised, AXT said it expects gross proceeds to be about $100 million.

Proceeds from the offering, expected to close on Tuesday, will be used primarily to expand the manufacturing capacity of its subsidiary, Beijing Tongmei Xtal Technology, to produce indium phosphide substrates for global export, the company said.

AXT shares were down 14.1% in premarket activity.