Business
POET Technologies Announces "At-the-Market" Public Offering in the United States and Canada
TORONTO, June 29, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Company") (TSXV: PTK; NASDAQ: POET) is pleased to announce that it has
About this update from Poet Technologies Inc.
[{"type":"text","content":"TORONTO, June 29, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. (\"POET\" or the \"Company\") (TSXV: PTK; NASDAQ: POET) is pleased to announce that it has entered into an equity distribution agreement dated June 29, 2023 (the \"Equity Distribution Agreement\") with Craig-Hallum Capital Group LLC (\"Craig-Hallum\") and Cormark Securities Inc. (the \"Cormark\", and together with the Craig-Hallum, the \"Agents\") as agents, pursuant to which the Company has established an at-the-market equity offering program (the \"ATM Program\"). Pursuant to the ATM Program, the Company may, at its discretion and from time-to-time during the term of the ATM Agreement, issue and sell, through the Agents, such number of common shares of the Company (\"Common Shares\") as would result in aggregate gross proceeds to the Company of up to US$30 million. Sales of Common Shares, if any, through the Agents will be made through \"at-the-market\" issuances, including without limitation, sales made directly on the Nasdaq Stock Market in the United States and the TSX Venture Exchange in Canada at the market price prevailing at the time of each sale. The Equity Distribution Agreement will terminate upon the earlier of (i) June 29, 2024, and (ii) the issuance and sale of all of the Common Shares under the ATM Program, unless terminated earlier, with notice, by the Company at any time and by an Agent as to itself at any time. The Company intends to use the net proceeds from the ATM Program, if any, for general working capital purposes related to research and development of its optical engines for transceivers and light source modules for the AI market, capital asset purchases and selling and general and administrative expenses. Since the Common Shares will be distributed at market prices prevailing at the time of the sale, prices may vary between purchasers and during the period of distribution. The volume and timing of sales, if any, will be determined at the sole discretion of the Company’s management and in accordance with the terms of the Equity Distribution Agreement. The offer and sale of the Common Shares under the ATM Program will be made by means of a prospectus supplement dated June 29, 2023 (the \"Prospectus Supplement\") to the Company’s existing short form base shelf prospectus dated June 30, 2021 (the \"Base Shelf Prospectus\" and, together with ...