Breaking News: POET Technologies Successfully Raises $25 Million in Registered Direct Offering!
TORONTO, Dec. 03, 2024 (GLOBE NEWSWIRE)
POET Technologies Inc. (“POET” or the “Corporation”) (TSXV: PTK; NASDAQ: POET)
POET Technologies Inc., the innovative designer and developer of the POET Optical Interposer™, Photonic Integrated Circuits (PICs), and light sources for the data center, telecommunication, and artificial intelligence markets, has announced the completion of its registered direct offering. The offering was made with a single institutional investor who qualifies as an “accredited investor” under National Instrument 45-106 – Prospectus Exemptions of the Canadian Securities Administrators.
The Corporation issued 5,555,556 common shares (the “Common Shares”) and a warrant exercisable to acquire up to 2,777,778 Common Shares (the “Warrants”) to the investor, resulting in aggregate gross proceeds of US$25,000,002. Each combination of one Common Share and accompanying Warrant was priced at US$4.50 (approximately C$6.29), with the Warrants exercisable at a price of US$6.00 (approximately C$8.39) per Common Share for a period of five years from the issuance date. This successful offering signals a significant financial milestone for POET Technologies, enabling the company to further its research and development initiatives and accelerate market adoption of its cutting-edge technologies.
With the increasing demand for advanced solutions in the data center, telecommunication, and artificial intelligence sectors, POET Technologies is well-positioned to capitalize on market opportunities and drive innovation in the industry. The funds raised through this direct offering will support the Corporation’s growth strategy, including the development of next-generation products and expansion of its market presence.
How Will This Affect You?
If you are an investor or stakeholder in POET Technologies, this successful registered direct offering signifies a positive development for the company. The influx of $25 million in funds will enable POET Technologies to enhance its technological capabilities, accelerate product development, and strengthen its position in the market. As a result, you may witness increased value and growth potential in your investments with POET Technologies.
How Will This Affect the World?
POET Technologies’ successful fundraising through the registered direct offering demonstrates the growing interest and confidence in the potential of its innovative solutions for the data center, telecommunication, and artificial intelligence markets. By securing $25 million in aggregate gross proceeds, the Corporation is poised to drive advancement and innovation in these critical sectors, ultimately contributing to the evolution of technology and shaping the future of communication and computing worldwide.
Conclusion
The completion of the registered direct offering by POET Technologies marks a significant achievement for the Corporation, showcasing investor confidence in its vision and technological prowess. With $25 million in gross proceeds secured, POET Technologies is poised to make substantial strides in product development, market expansion, and driving innovation in the data center, telecommunication, and artificial intelligence domains. This successful fundraising not only benefits stakeholders and investors but also paves the way for transformative advancements in the global technology landscape.
