AXT Inc. (NASDAQ: AXTI) announced that underwriters in its recent public offering exercised their over-allotment option to purchase an additional 1,284,046 shares of common stock at $64.25 per share, generating approximately $82.5 million in additional gross proceeds before deducting underwriting discounts and commissions.

The exercise follows AXT's completion of an underwritten public offering of 8,560,311 shares of common stock. The company manufactures compound semiconductor wafer substrates.

AXT stated it intends to use the net proceeds primarily to support its subsidiary Beijing Tongmei Xtal Technology Co., Ltd. in expanding capacity to produce indium phosphide substrates for global export, research and development of products, working capital and general corporate purposes.

Northland Capital Markets served as sole bookrunner for the offering. Needham & Company, B. Riley Securities, Craig-Hallum Capital Group LLC and Wedbush Securities Inc. acted as co-managers.

The offering was conducted under an effective shelf registration statement on Form S-3ASR filed with the Securities and Exchange Commission on April 20, 2026.

AXT develops and manufactures compound and single element semiconductor substrate wafers including indium phosphide, gallium arsenide and germanium. The substrates are used in applications where silicon substrates cannot meet performance requirements for semiconductor or optoelectronic devices.