-- AXT (AXTI) said Tuesday it priced an underwritten public offering of about 8.6 million common shares at $64.25 per share.
The underwriter had been granted a 30-day option to purchase up to about 1.3 million additional shares.
Gross proceeds from the offering are estimated to be about $550 million, or about $632.5 million if the overallotment option is fully exercise.
Proceeds from the offering, set to close around Wednesday, will mainly be used to support the company's Beijing Tongmei Xtal Technology unit, as well as for general corporate purposes.
Shares of the company fell more than 12% premarket Tuesday.
Price: $69.07, Change: $-9.69, Percent Change: -12.30%