POET - POET Technologies down 8% enters an ATM equity offering
2023-06-30 10:26:39 ET
- POET Technologies ( NASDAQ: POET ) stock price down 8% as the company enters an equity distribution agreement pursuant to which the Company has established an at-the-market equity offering program.
- Gross proceeds expected to be ~$30M.
- The equity distribution agreement will terminate upon the earlier of June 29, 2024 and the issuance and sale of all of the common shares.
- 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.
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POET Technologies down 8%, enters an ATM equity offering