POET - POET Announces Closing of CAD$10 Million Non-brokered Financing with a Single Institutional Investor | Benzinga
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TORONTO, May 03, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Company") (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 AI markets, today announced the closing of its previously announced offering (the "Offering") which was taken up entirely by a single institutional investor of CAD$10 million. No brokers or finders were engaged in this transaction.
The Offering was conducted under the Canadian listed issuer financing exemption (LIFE) program. The Company sold 3,258,390 Units, consisting of 3,258,390 common shares of the Company and warrants to purchase up to 3,258,390 common shares of the Company at a combined price of CAD$3.069 per common share and accompanying warrant. Each warrant has an exercise price of CAD$4.26 per common share and is exercisable for five years from today's closing date.
POET is currently experiencing strong demand for its proprietary optical engine technology that powers 800G and 1.6T high-speed optical modules for AI processing clusters and light sources for advanced chip-to-chip light-based data communications and high-speed computing. Use of proceeds of this financing is for general working capital purposes aimed at supporting this significant growth phase for the Company.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About POET Technologies Inc.
POET is a design and development company offering high-speed optical modules, optical engines and light source products ...