POET Technologies Announces Pricing of US$1.4 Million Underwritten Public Offering of Common Shares and Warrants
01 December 2023 - 1:16AM
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 StatementsThis
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
Brijbassiadrian.brijbassi@poet-technologies.com |
Company
Contact:Thomas R. Mika, EVP &
CFOtm@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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