POET - POET Technologies Announces Pricing of US$1.4 Million Underwritten Public Offering of Common Shares and Warrants | Benzinga
TORONTO, Nov. 30, 2023 (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 artificial intelligence markets, today announced the pricing of its previously announced underwritten public offering in the United States (the "Offering"). The Offering consists of 1,600,000 common shares of the Company and warrants to purchase 1,600,000 common shares of the Company at a public offering price of US$0.90 (CAD$1.22) per common share and accompanying warrant. Each warrant is exercisable at an exercise price of US$1.12 (CAD$1.52) per common share for a period of five years from issuance. Gross proceeds from the Offering are expected to be approximately $1.4 million (CAD$1.9 million) before deducting underwriting discounts, commissions and estimated offering expenses and without giving effect to the exercise, if any, of the overallotment option described below.
Maxim Group LLC is acting as sole book-running manager for the Offering.
POET currently intends to use the net proceeds from the Offering for general working capital purposes, including revenue expansion and the development and production of photonic modules for AI and related markets. In addition, POET has granted the underwriter a 45-day option to purchase up to an additional 240,000 Common Shares and/or 240,000 Warrants at the public offering price in any combination, less underwriting discounts and commissions. The Offering is expected to close on or about December 4, 2023, subject to the satisfaction of customary closing conditions. The Company is not completing its previously announced Canadian LIFE offering at this time.
The 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. The securities in the Offering may be offered in the United States only by means of a prospectus. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the Offering has been filed with ...