Business
POET Technologies Announces US$10 Million Registered Direct Offering
TORONTO, July 19, 2024 (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, July 19, 2024 (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, is pleased to announce that it has completed a registered direct offering with a single institutional investor pursuant to which the Corporation issued 3,333,334 common shares (the \"Common Shares\") and warrants exercisable to acquire 3,333,334 Common Shares (the \"Warrants\") for aggregate gross proceeds of US$10,000,002 (the “Offering”). The combined price of one Common Share and accompanying Warrant in respect of one Common Share was US$3.00 (or approximately C$4.09). Each Warrant is exercisable to acquire one Common Share at an exercise price of US$4.00 (or approximately C$5.45) per Common Share for a period of five years from the date of issuance. POET is currently experiencing strong demand for its proprietary optical engine technology that powers 800G and 1.6T speed optical modules for AI processing clusters and light sources for advanced chip-to-chip light-based data communications and high-speed computing. The Corporation intends to use the net proceeds of the Offering for working capital and general corporate purposes. No commission or finder's fee was paid by the Corporation and no underwriter or sales agent was engaged by the Corporation in connection with the Offering. This Offering is being made pursuant to an effective shelf registration statement on Form F-3 (File No. 333-273853) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 9, 2023, and declared effective on August 18, 2023. A prospectus supplement and accompanying prospectus describing the terms of the proposed offering was filed with the SEC on July 19, 2024, and is available on the SEC’s website located at www.sec.gov. All Common Shares and Warrants issued under the Offering were distributed to a purchaser located outside of Canada in reliance on OSC Rule 72-503 – Distributions Outside of Canada and, accordingly, all Common Shares and Warrants issued under the Offering are not subject to a Canadian statutory hold period in accordance with applicable Canadian securities laws. The Offering remains subject t...