AXT Inc (NASDAQ:AXTI) Declare Public The Price Of Common Stock

NASDAQ Stock AXT Inc (NASDAQ:AXTI) announced that the previously declared underwritten common stock of 4,615,385 share units will sell at $6.50 per share to the public.

The underwriting details and expectations

The offer is expected to run through to around March 7, 2017 on condition that it meets customary closing terms. Underwriters have a 30 days option of up to 692,307 to acquire the shares at the public offering price. The company expects to receive a net of $27.7 million after deducting approximated offering expenses and discounts related to underwriting. This is after taking into assumption that there no over allotment exercise dues will arise. The offering proceeds will be put into use in the general corporate needs. These include capital expenditure, relocation of gallium arsenide, and working capital among other corporate related expenses.

Availability of the prospectus

The previous shelf registration of the common stock filed with the Securities and Exchange Commission (SEC) by AXT Inc (NASDAQ:AXTI) was in 4th November 2016. A prospectus for the offering will be filed with SEC and made available on its website. Once copies of the prospectus supplement accompanied by the prospectus are available, they can be collected from Needham & Company, LLC. They are located in New Yolk 445 Park, Avenue. Needham are acting as the sole book keeping managers while Craig-Hallum Capital Group LLC are acting in the capacity of co-managers for the offering.

The conditions of the sale

The offering is subject to a number of condition. Any offer to sell or the solicitation of an offer to acquire the securities will only be made through details of the prospectus supplement and attached prospectus that forms part of the successful registration declaration. The press release does not comprise an offer to sell. It does not also constitute solicitation of an offer to buy the stock. Neither shall the securities’ sales take place anywhere beyond the jurisdiction where such kind of sale is considered unlawful, either before registration or qualifications of security laws of that particular state or any other jurisdiction. AXT Inc (NASDAQ:AXTI) has to obligation to update or make any amends to the statements for whichever reason.

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