AXT falls after filing for $87 million stock offering to certain investors

Shares of semiconductor parts maker AXT AXTI.O down 8% at $14.19 premarket

Co files for common stock offering of 7.1 million shares at $12.25 apiece to certain institutional investors

Offer price implies a 20.3% discount to stock's last close of $15.37

AXTI expects gross proceeds of about $87 million, before other expenses

Co intends to use net proceeds to primarily increase the capacity of subsidiary Beijing Tongmei Xtal Technology to produce indium phosphide substrates for export worldwide

As of last close, stock up seven-fold YTD