AXT, Inc. (NASDAQ:AXTI) ("AXT" or the "Company"), a leading manufacturer of compound semiconductor wafer substrates, announced today the pricing of an underwritten public offering of 8,560,311 shares of common stock at a price to the public of $64.25 per share. The gross proceeds from the offering to the Company are expected to be approximately $550 million, before deducting underwriting discounts and commissions and other offering expenses. In addition, the Company granted the underwriter a 30-day option to purchase up to 1,284,046 additional shares of common stock at the public offering price, less the underwriting discounts (the "Overallotment Option"). If the Overallotment Option is fully exercised, the Company expects to receive aggregate gross proceeds of approximately $632.5 million, before deducting underwriting discounts and commissions and other offering expenses. The offering is expected to close on or about April 22, 2026, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering primarily to financially support our subsidiary Beijing Tongmei Xtal Technology Co., Ltd. in its efforts to increase its capacity to produce indium phosphide substrates for export worldwide, for research and development of new or improved products, and for working capital and for general corporate purposes.