FREMONT, CA — (Marketwire) — 07/27/11 — AXT, Inc. (NASDAQ: AXTI), a leading manufacturer of compound semiconductor substrates, announced today that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC). When the shelf registration statement is declared effective by the SEC, AXT will have the option to offer and sell, from time to time in one or more offerings, up to $60 million of common stock, preferred stock, debt securities, warrants to purchase any of these securities, depository shares, units or any combination of such securities. The timing of any offering will be at the company-s discretion and will depend on many factors, including the prevailing market conditions. Specific terms and share prices of any future offering under the registration statement will be established at the time of any such offering, and will be described in a prospectus supplement that AXT will file with the SEC.
AXT intends to use the net proceeds from any sale of securities under the shelf registration statement for general corporate purposes, which may include capital expenditures in connection with AXT-s planned expansion of its manufacturing facilities in China.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
A copy of the final prospectus and prospectus supplement relating to any offering under the registration statement will be filed with the SEC and can be obtained, when available, by contacting AXT, Inc., Attention: Investor Relations Department, 4281 Technology Drive, Fremont, CA 94538.
AXT designs, develops, manufactures and distributes high-performance compound and single element semiconductor substrates comprising gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge) through its manufacturing facilities in Beijing, China. In addition, AXT maintains its sales, administration and customer service functions at its headquarters in Fremont, California. The company-s substrate products are used primarily in lighting display applications, wireless communications, fiber optic communications and solar cell. Its vertical gradient freeze (VGF) technique for manufacturing semiconductor substrates provides significant benefits over other methods and enabled AXT to become a leading manufacturer of such substrates. AXT has manufacturing facilities in China and invests in joint ventures in China producing raw materials. For more information, see AXT-s website at .
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, our expectations regarding the SEC-s approval of the effectiveness of the registration statement; the timing of any offerings under the registration statement; our expected use of proceeds from the sale of securities under the registration statement; and our ability to raise capital through the sale of securities under the registration statement; our plan to expand its manufacturing facilities in China. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: the limitations on our ability to cause the shelf registration declared effective by the SEC; changes in operations, financial results and economic conditions that could limit our ability to raise additional capital; and unexpected changes in our operations, including a delay in or changes in plans to expand its manufacturing facilities in China, that could impact our use of proceeds from the sale of securities under the registration statement.
For a detailed discussion of these and other risk factors, please refer to the company-s Quarterly Report on Form 10-Q and other periodic reports filed with the SEC. Stockholders of AXT are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. We do not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.
Contacts:
Raymond A. Low
Chief Financial Officer
(510) 683-5900
Leslie Green
Green Communications Consulting, LLC
(650) 312-9060
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