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POET Technologies Inc. (POET) is a leading innovator in the field of optoelectronic solutions based in Toronto, Ontario, Canada. The company specializes in the design, manufacture, and sale of semiconductor products and services for a range of commercial applications. Utilizing their proprietary POET Optical Interposer, POET Technologies has developed a novel platform that seamlessly integrates electronic and photonic devices into a single module. This is achieved through wafer-level manufacturing techniques and advanced packaging methods.
POET Technologies' product lineup includes the POET Starlight, POET Lightbar, POET Infinity, and POET One, among others. These products find applications in diverse fields such as Data Centers, Telecommunications, the Internet of Things (IoT) & Industrial Sensing, Automotive LIDAR, and On-Board Optics. By focusing on these key sectors, the company aims to address the growing needs for efficient and reliable optoelectronic solutions.
The company’s geographical reach extends to major markets such as Asia, the United States, and Canada, where it continues to expand its influence and customer base. POET Technologies prides itself on a strong balance sheet and has recently achieved significant milestones, including major design wins which mark the beginning of a promising second quarter.
In recent news, POET Technologies announced strategic partnerships and forward-looking plans to enhance their market presence further. They continue to be at the forefront of technological advancements, ensuring they remain a key player in the semiconductor industry.
For detailed updates and to learn more about the company's ongoing projects, visit their official news section and explore the latest announcements.
POET Technologies announces a non-brokered public offering of 5,000,000 units at US$5.00 per unit, aiming to raise US$25 million. Each unit includes one common share and half a warrant, with each full warrant exercisable at US$6.00 for five years. The offering price represents a premium over the closing price on TSX Venture Exchange on December 11, 2024. The offering is expected to be fully subscribed by a single Canadian institutional investor and close around December 19, 2024. Proceeds will be used for working capital and general corporate purposes. The offering requires regulatory approvals, including TSX Venture Exchange approval.
POET Technologies has expanded its Board of Directors to six members with the appointment of Bob Tirva as director and Audit Committee member, effective December 5, 2024. Tirva brings over 30 years of technology industry executive experience, having held positions at IBM, Broadcom, Dropbox, and Intermedia Cloud Communications. He most recently served as President, COO, and CFO of Sonim Technologies until its 2022 acquisition.
As compensation, Tirva will receive 18,823 stock options exercisable for 10 years at CAD$7.19 per share, vesting quarterly over 7 months, plus US$17,500 in cash payments. The Board now consists of Dr. Suresh Venkatesan (Chair), Jean-Louis Malinge (Lead Independent Director), Theresa Lan Ende, Glen Riley, Chris Tsiofas, and Bob Tirva.
POET Technologies has completed a US$25 million registered direct offering with a single institutional investor. The company issued 5,555,556 common shares and warrants to acquire up to 2,777,778 additional shares. The combined price was US$4.50 per share with accompanying half-warrant, while the warrant exercise price is US$6.00 per share, valid for five years.
The net proceeds will be used for working capital related to the company's planned expansion of assembly operations into Malaysia and other corporate purposes. No commission, finder's fee, or underwriter was involved in the offering. The offering was made through a prospectus supplement to the company's short form base shelf prospectus, filed with Canadian and U.S. regulatory authorities.
POET Technologies announces a US$25 million registered direct offering, planning to issue 5,555,556 common shares and warrants for 2,777,778 additional shares. The combined price is set at US$4.50 per share with accompanying warrant for half a share. Warrants will be exercisable at US$6.00 per share for five years. The proceeds will support working capital needs, particularly for the company's planned expansion of assembly operations into Malaysia. The offering, expected to close around December 3, 2024, will be made to a single institutional investor through a prospectus supplement to the company's base shelf prospectus.
POET Technologies announced plans to expand its optical engine production capacity in Malaysia. The company signed a binding MOU with Quanzhou Sanan Optical Communication Technology to acquire their 24.8% stake in the Super Photonics Xiamen (SPX) joint venture, making SPX a wholly-owned POET subsidiary. This strategic move enables POET to implement its 'China Plus One' strategy and relocate wafer-scale assembly operations outside China.
The company is negotiating with Malaysian contract manufacturers to establish wafer-scale assembly of optical engines, with operations expected to start by year-end. The expansion will increase production capacity to over one million optical engines annually, focusing on 800G and higher speed transceivers for AI networks through 2026.
POET Technologies has announced its intention to voluntarily delist its common shares from the TSX Venture Exchange (TSXV), while maintaining its listing on the NASDAQ Capital Market under the symbol 'POET'. The company's board of directors has approved this decision, citing low trading volume on TSXV as the main reason, as NASDAQ represents the majority of trading activity. POET will remain a reporting issuer in Canada and continue providing comprehensive disclosure under Canadian securities laws. Shareholders can continue trading through NASDAQ, and those with Canadian brokerage accounts are advised to contact their brokers regarding NASDAQ trading procedures.
POET Technologies reported Q3 2024 financial results with notable developments in AI networking markets. The company raised $25 million through private placements and expanded partnerships with Luxshare Tech and Mentech. A new collaboration with Mitsubishi Electric was established for 3.2T pluggable transceivers development. The company reported a net loss of $12.7 million ($0.20 per share), compared to $5.1 million ($0.13 per share) in Q3 2023. Cash balance stood at $41.8 million with working capital of $23.6 million. R&D costs were $1.8 million, down from $2.0 million in the same period last year.
POET Technologies has been awarded the 'Best in Artificial Intelligence' honor at the 2024 Global Tech Awards. This marks the company's third major recognition in 2024, following accolades from the AI Breakthrough Awards and Merit Awards. POET was selected for its innovative approach to powering AI networks and hyperscale data centers.
The Global Tech Awards, established in 2022, aims to celebrate excellence in technology, with judges from leading tech companies. POET's Optical Interposer™ platform technology and growing product suite have been acknowledged for their groundbreaking nature and positive commercial impacts.
Dr. Suresh Venkatesan, POET's Chairman & CEO, expressed enthusiasm about the recognition, noting it as a testament to why industry leaders are increasingly turning to POET for solutions in AI networking and data center connectivity.
POET Technologies has been awarded the Gold Prize as 'AI Innovator of the Year' in the Technology category at the 2024 Merit Awards. This recognition follows their recent 'Best Optical AI Solution' honor at the 2024 AI Breakthrough Awards. The Merit Awards, established in 2022, celebrate global leaders shaping the future across various industries.
Marie Zander, Executive Director of Merit Awards, praised POET's groundbreaking advancements in photonic technology, highlighting their impact on the AI industry. Previous Merit Awards winners include industry giants like Nvidia, Intel, and Oracle.
Dr. Suresh Venkatesan, POET's Chairman & CEO, emphasized that the POET Optical Interposer™ is gaining recognition due to its commercial viability in advancing AI networking and data center performance goals. He cited recent agreements with Mitsubishi Electric, Luxshare Tech, and Foxconn Interconnect Technology as evidence of the industry's interest in POET's achievements.
POET Technologies has entered a collaboration with Mitsubishi Electric to co-develop integrated optical engine chipsets for 3.2T pluggable transceivers, targeting the rapidly growing AI networking market. POET will integrate Mitsubishi's 400G Electro-absorption Modulator integrated Lasers (EMLs) with other components using its optical interposer platform technology to produce 1.6T and 3.2T optical engine chipsets.
The partnership aims to complete the chipsets in early 2025, with demonstrations planned for the first half of that year. This collaboration is seen as a significant technological achievement, addressing the high demand for optical connectivity in AI and hyperscale data centers. The global optical transceiver market for 800G and 1.6T is projected to grow at a CAGR of 33% from $2.5 billion in 2024 to $10.5 billion by 2029.
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