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10 January 2007


AXT raises further $3.6m through exercise of share over-allotment option

After raising $24.2m in its 19 December public offering of common stock, AXT Inc of Fremont, CA, USA, which makes GaAs, InP and Ge substrates, has closed the sale of an additional 862,500 shares after the underwriter (Needham & Company LLC) exercised its over-allotment option at a price of $4.50 per share.

AXT received net proceeds from the exercise of the over-allotment option of about $3.6m. This brings the total raised in the public offering to about $27.9m.

AXT intends to use the proceeds for general corporate purposes.

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