TORONTO, Ontario, December 1st, 2023 -- InvestorsHub 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 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 the SEC, form a part of the
effective registration statement and are available on the SEC's
website at www.sec.gov.
A final prospectus supplement will be filed with the SEC. When
available, copies of the final prospectus supplement and
accompanying prospectus relating to the Offering may also be
obtained by contacting Maxim Group LLC at 300 Park Avenue, 16th
Floor, New York, NY 10022, Attention: Syndicate Department, by
telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.
Before you invest, you should read the preliminary prospectus
supplement and accompanying prospectus and the other documents that
POET has filed with the SEC for more complete information about
POET and the Offering.
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 integration
solutions based on the POET Optical Interposer™, a novel platform
that allows the seamless integration of electronic and photonic
devices into a single multi-chip module using advanced wafer-level
semiconductor manufacturing techniques and packaging methods.
POET's Optical Interposer eliminates costly components and
labor-intensive assembly, alignment, burn-in and testing methods
employed in conventional photonics. The cost-efficient integration
scheme and scalability of the POET Optical Interposer brings value
to any device or system that integrates electronics and photonics,
including some of the highest growth areas of computing, such as
Artificial Intelligence (AI), the Internet of Things (IoT),
autonomous vehicles and high-speed networking for cloud service
providers and data centers. POET is headquartered in Toronto, with
operations in Allentown, PA, Shenzhen, China and Singapore. More
information may be obtained at www.poet-technologies.com.
Forward-Looking Statements
This press release contains "forward-looking information" (within
the meaning of applicable Canadian securities laws) and
"forward-looking statements" (within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995). Such statements
or information are identified with words such as "anticipate",
"believe", "expect", "plan", "intend", "potential", "estimate",
"propose", "project", "outlook", "foresee" or similar words
suggesting future outcomes or statements regarding an outlook. Such
information and statements include the Company's anticipated use of
the net proceeds of the public offering (if any).
Such forward-looking information or statements are based on a
number of risks, uncertainties and assumptions which may cause
actual results or other expectations to differ materially from
those anticipated and which may prove to be incorrect. Assumptions
have been made regarding, among other things, the Company's ability
to complete the Offering in the manner described, or at all, the
receipt of all required regulatory approvals with respect to the
Offering, management's expectations regarding the success of the
Company's announced products, the timing of completion of its
development efforts, the successful implementation of its optical
engine or light source products, the success of its customers'
products, the capabilities of its operations, including its joint
venture, the Company's ability to correctly gauge market needs and
to produce products in the required amounts and on a timely basis.
Actual results could differ materially due to a number of factors,
including, without limitation, delays or changes of plan with
respect to the Offering described herein, termination of the
Offering in accordance with its terms, the dilutive effects of the
Offering, market conditions, the failure of the Company's products
to meet performance requirements, the failure to produce products
on a timely basis or at all, the failure of the Company's optical
engine or light source products to be incorporated into its
customers' products, the failure of its customers' products to
achieve market penetration, operational risks including the ability
to attract key personnel, and the Company's ability to raise
additional capital if necessary. Although the Company believes that
the expectations reflected in the forward-looking information or
statements are reasonable, prospective investors in the Company's
securities should not place undue reliance on forward-looking
information and statements because the Company can provide no
assurance that such expectations will prove to be correct.
Forward-looking information and statements contained in this press
release are as of the date of this press release and the Company
assumes no obligation to update or revise this forward-looking
information and statements except as required by law.
Contacts:
Media Relations Contact:
Adrian Brijbassi
adrian.brijbassi@poet-technologies.com |
Company Contact:
Thomas R. Mika, EVP & CFO
tm@poet-technologies.com |
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P
1E2- Tel: 416-368-9411 - Fax: (416)
322-5075
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