Welcome to our dedicated page for Poet Technologies news (Ticker: POET), a resource for investors and traders seeking the latest updates and insights on Poet Technologies stock.
POET Technologies Inc (POET) drives innovation in photonic integration through its patented Optical Interposer Platform, enabling advanced optical engines for AI systems and hyperscale data centers. This page provides official updates on technological milestones, financial developments, and strategic initiatives shaping the company's position in high-speed optical solutions.
Access curated press releases and news covering product launches, partnership announcements, and financial results. Investors will find essential updates on POET's progress in addressing integration challenges for data communication and computing applications, while analysts gain insights into market expansion within telecommunications and sensing technologies.
Key content includes earnings reports, intellectual property developments, and manufacturing advancements related to wafer-level semiconductor integration. Bookmark this page for real-time updates on POET's role in advancing optical interposer applications across global tech ecosystems.
POET Technologies has signed multiple agreements with Globetronics Manufacturing (GMSB) in Penang, Malaysia, for the manufacture of optical engines. The agreements include a Master Agreement, an Optical Engine Purchase Agreement, and a Deed of Consignment for wafer-level process equipment. GMSB's parent company has allocated RM7.7 million (US$1.7 million) for capital expenditures over 2025-2027.
Additionally, POET expects to finalize binding agreements by December 31, 2024, with SAIC regarding the transfer of its 24.8% stake in Super Photonics Xiamen (SPX) joint venture. The company also confirmed that its previously announced US$25 million public offering has been fully subscribed by a single institutional investor, with closing expected after the SPX acquisition completion.
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.
