Business
POET Technologies Announces Acceleration of Warrants
TORONTO, Feb. 10, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Corporation") (TSXV: PTK; NASDAQ: POET), the designer and developer of the
About this update from Poet Technologies Inc.
[{"type":"text","content":"TORONTO, Feb. 10, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. (\"POET\" or the \"Corporation\") (TSXV: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer™, Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets, announces today that the expiry date of all common share purchase warrants of the Corporation (the \"Warrants\") that were issued on February 11, 2021, is being accelerated to 30 days (the \"Warrant Acceleration\") in accordance with the terms of the warrant indenture governing the Warrants dated February 11, 2021, as amended and supplemented (the \"Warrant Indenture\"). Pursuant to the terms of the Warrant Indenture and as required by the policies of the TSX Venture Exchange (the \"Exchange\"), the Warrant Acceleration is automatically triggered in the event the daily volume weighted average trading price of the common shares of the Corporation (\"Common Shares\") on the Exchange is equal to or greater than $4.89 per Common Shares for at least 10 consecutive trading days. As of the close of markets on February 3, 2023, the daily volume weighted average trading price of the Common Shares on the Exchange has exceeded $4.89 per Common Share for at least 10 consecutive trading days. Accordingly, the expiry date of all unexercised Warrants has been accelerated such that all Warrants will expire at 5:00 p.m. (Toronto time) on March 10, 2023 (being 30 calendar day following the triggering of the Warrant Acceleration). As of February 3, 2023, approximately 1,478,203 Warrants remain unexercised. Each Warrant is exercisable to acquire one Common Share at an exercise price of $4.25 per Common Share. About POET Technologies Inc. POET Technologies is a design and development company offering integration solutions based on the POET Optical Interposer™ a novel platform that allows the seamless integration of electronic and photonic devices into a single multi‐chip module using advanced wafer‐level semiconductor manufacturing techniques and packaging methods. POET's Optical Interposer eliminates costly components and labor-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the POET Optical Interposer brings value to any device or sy...