AXT Files for Public Offering of Common Shares

August 30, 2000 by Jeff Shepard

AXT Inc. (Fremont, CA) filed with regulators for a public offering of 2.2 million common shares, of which 100,000 will be sold by stockholders. AXT expects to raise about $82.2 million from the sale, according to a prospectus filed with the Securities and Exchange Commission. It said it will not receive any proceeds from the sale by shareholders. A group of underwriters, led by Prudential Volpe Technology, has an option to buy 330,000 more shares if the offering is oversubscribed. AXT plans to use to the proceeds from the offering for debt repayment and general corporate purposes, including working capital and capital spending, the prospectus said.