AXT Inc (NASDAQ:AXTI) shares are sliding after the market close on Monday after the company announced a public offering of common stock.
- AXT shares are retreating from recent levels. Why is AXTI stock dropping?
AXT Announces Common Stock Offering
AXT said it plans to offer and sell shares of common stock in a public offering. The company also plans to grant the underwriters a 30-day window to buy up to an additional 15% of shares in the offering. Size and terms of the planned public offering were not disclosed.
AXT expects to primarily use the net proceeds to financially support its subsidiary Beijing Tongmei Xtal Technology Co., as the company aims to increase capacity to produce indium phosphide substrates for export globally.
AXT had approximately $120.27 million in total cash and cash equivalents as of Dec. 31, 2025. The offering comes with shares up more than 6,500% over the past year and up approximately 381% year-to-date.
AXTI Shares Slide After The Bell
AXTI Price Action: AXT shares were down 6.50% in after-hours Monday, trading at $73.51 at the time of publication, according to Benzinga Pro.
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