AXT Announces $550 Million Public Offering of Common Stock

AXT, Inc. (NasdaqGS: 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 to the Company from the offering 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.

Northland Capital Markets is acting as the sole bookrunner for this offering. Needham & Company, B. Riley Securities, Craig-Hallum Capital Group LLC and Wedbush Securities Inc. are acting as co-managers for this offering.

An effective shelf registration statement on Form S-3ASR relating to the securities offered in the public offering described above was filed with the Securities and Exchange Commission (the “SEC”) on April 20, 2026 (File No. 333-295188). The offering will be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus, when available, may also be obtained from Northland Capital Markets, 150 South Fifth Street, Suite 3300, Minneapolis, MN 55402, Attention: Heidi Fletcher, by telephone at (612) 851-4918 or by visiting the SEC’s website located at http://www.sec.gov. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.