AXT, Inc. (NASDAQ:AXTI), a leading manufacturer of compound semiconductor substrates, today announced that its majority-owned subsidiary, Beijing Tongmei Xtal Technology Co., Ltd. ("Tongmei"), has entered into definitive agreements for a private equity financing to fund further expansion of its manufacturing capacity for indium phosphide semiconductor substrates, expansion of its principal business operations, capital expenditures and general working capital. The financing agreements provide for a private equity investment in Tongmei by certain institutional investors of a minimum of RMB 1,912,350,000 (approximately US$285 million) and up to a maximum of RMB 3,668,639,053.25 (approximately US$545 million) (the "Maximum Amount") in the ordinary shares of Tongmei.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.