POET Technologies announces $25 million non-brokered offering

TORONTO - POET Technologies Inc. (TSXV:PTK; NASDAQ:POET), currently trading at $5.77 with a market capitalization of $481 million, announced Monday its intention to complete a non-brokered public offering of 5 million units at US$5.00 per unit to raise US$25 million in gross proceeds. According to InvestingPro data, the company has demonstrated strong momentum with a 10.75% return over the past week.

Each unit will consist of one common share and one common share purchase warrant, with each warrant exercisable to acquire one common share at C$8.16 for five years. The issue price represents a 12% discount from the July 4 closing price on the TSX Venture Exchange. InvestingPro analysis indicates the stock is currently trading near its 52-week high of $7.79, with multiple financial health indicators available to subscribers.

The offering is expected to be fully subscribed by a single Canadian institutional investor qualifying as an "accredited investor." No commission or finder’s fee will be paid in connection with the offering.

POET plans to use the net proceeds for working capital and general corporate purposes. The company maintains a strong balance sheet with more cash than debt, according to InvestingPro data. The offering remains subject to regulatory approvals, including TSX Venture Exchange approval, and other customary closing conditions.

The offering will be made through a prospectus supplement to the company’s short form base shelf prospectus dated September 6, 2024, which will be filed with securities regulatory authorities in Canadian provinces and territories and with the U.S. Securities and Exchange Commission.

According to the press release, POET has raised over US$100 million in equity capital over the past year.

POET Technologies designs and develops optical engines, light source products, and custom optical modules for artificial intelligence systems and hyperscale data centers. The company is headquartered in Toronto with operations in Singapore, Malaysia, and China. With its next earnings report scheduled for August 14, investors can access detailed financial analysis and 12 additional ProTips through InvestingPro.

In other recent news, POET Technologies has announced a Master Agreement with NationGate Solutions to manufacture optical engine assemblies in Penang, Malaysia. This agreement includes a Module Purchase Agreement and a Deed of Consignment, where NationGate will assemble and test optical engines for one of POET’s customers. NationGate joins Globetronics as part of POET’s Malaysian manufacturing network, enhancing the company’s ability to scale production. Additionally, POET Technologies plans to raise $25 million through a non-brokered public offering. This offering involves the sale of 5 million units, each priced at $5.00, including one common share and one warrant. The proceeds from this offering are intended for working capital and general corporate purposes. Regulatory approvals and customary closing conditions are necessary for the offering, which is expected to close around mid-May 2025. The offering is anticipated to be fully subscribed by a Canadian institutional investor.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.