Business
POET Technologies Reports Second Quarter 2023 Financial Results
TORONTO, Aug. 11, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of
About this update from Poet Technologies Inc.
[{"type":"text","content":"TORONTO, Aug. 11, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: 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, today reported its consolidated financial results for the second quarter ended June 30, 2023. The Company’s financial results as well as the accompanying Management Discussion and Analysis have been filed on SEDAR and EDGAR. All financial figures are in United States dollars (“USD”) unless otherwise indicated. Business Highlights since First Quarter Results reported on May 15, 2023: On June 14, 2023, the Company announced alpha sample readiness of “POET Infinity™”, a chiplet-based transmitter platform for 400G, 800G and 1.6T pluggable transceivers and co-packaged optics solutions. Two lead customers have partnered with POET to test the alpha version of the Infinity chiplet.On June 29, 2023, the Company announced that it had established an “at-the-market” (ATM) offering program in Canada and the United States with Craig-Hallum Capital Group LLC and Cormark Securities Inc. The ATM program allowed the Company to issue and sell, at its sole discretion, common shares of the Company not to exceed, in aggregate, US$30 million, through the facilities of the TSX Venture Exchange and Nasdaq Capital Market. For further details concerning the ATM program, refer to the Company’s news release dated June 29, 2023. The Company suspended the ATM program on August 5, 2023 due to the expiry of the Company’s Canadian short form base shelf prospectus and SEC F-10 registration statement on August 5, 2023.On June 30, 2023, the Company held its Annual General and Special Meeting of shareholders (AGM). All resolutions recommended by management and voted on by shareholders were passed by substantial positive margins, including the election of directors who will serve a term until the next AGM.On August 9, 2023, the Company filed a shelf registration statement on the Form F-3 with the United States Securities and Exchange Commission (SEC). The Form F-3 is intended to allow the Company the flexibility to raise additional capital through the sale and issuance of securities outside of Canada. The filing is subject to review and approval by the SEC...