POET Technologies announces $25 million stock offering

POET Technologies Inc. (TSXV: PTK; NASDAQ: POET) announced Monday its intention to complete a $25 million public offering of 5 million units priced at $5.00 each.

Each unit consists of one common share and one warrant exercisable at C$8.16 for five years from issuance. The offering price represents a 12% discount from the company's Friday closing price on the TSX Venture Exchange.

The Toronto-based optical engine manufacturer expects a single Canadian institutional investor to subscribe for the entire offering. The company plans to use proceeds for working capital and general corporate purposes.

The offering requires regulatory approvals including TSX Venture Exchange approval and other customary closing conditions. No commission or finder's fee will be paid in connection with the transaction.

"We have raised over $100 million in equity capital at increasingly higher prices over the past year and have thereby achieved all of our near-term financing goals for the Corporation," said Thomas Mika, executive vice president and chief financial officer.

POET designs optical engines and light sources for artificial intelligence networks and hyperscale data centers. The company's products are based on its Optical Interposer platform, which integrates electronic and photonic devices into single chips using semiconductor manufacturing techniques.

The company operates from Toronto with facilities in Singapore, Penang, Malaysia and Shenzhen, China. Information is based on a company press release.

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