POET Announces CAD$10 Million Non-brokered Financing
April 29 2024 - 7:00AM
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 AI markets, is
undertaking a non-brokered private placement of up to 3,258,390
units (the "Units") of the Company at a price of CAD$3.069 per Unit
(the "Offering Price") for gross proceeds to the Company of up to
C$10,000,000 (the "Offering"). The Offering has been structured to
take advantage of the “listed issuer financing exemption” under
applicable Canadian securities laws, whereby securities of the
Company issued pursuant to the Offering will be freely tradeable
equity securities not subject to any hold period (see below).
Each Unit will consist of one common share in
the capital of the Company (a "Common Share") and one Common Share
purchase warrant (a "Warrant"). Each Warrant will entitle the
holder thereof to purchase one Common Share of the Company (a
"Warrant Share") for a period of 60 months following the closing
date of the Offering at an exercise price of CAD$4.26 per Warrant
Share. No brokers or finders were engaged in this transaction.
POET is currently experiencing strong demand for
its proprietary optical engine technology that powers 800G and
higher speed optical modules for AI processing clusters and light
sources for advanced chip-to-chip light-based data communications
and high-speed computing. Use of proceeds of this financing is for
general working capital purposes aimed at supporting this
significant growth phase for the Company.
Subject to compliance with applicable regulatory
requirements and in accordance with National Instrument 45-106 -
Prospectus Exemptions ("NI 45-106"), the Offering is being made to
purchasers resident in each of the Provinces of Canada, except
Quebec, pursuant to the listed issuer financing exemption under
Part 5A of NI 45-106 (the "Exemption"). The securities offered
under the Exemption will not be subject to a hold period in
accordance with applicable Canadian securities laws. There is an
offering document (the "Offering Document") related to the Offering
that can be accessed under the Company's profile at
www.sedarplus.ca and on the Company's website at:
www.poet-technologies.com. Prospective investors should read this
Offering Document before making an investment decision.
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.
The Offering is scheduled to close on or about
May 3, 2024 (the "Closing Date") and completion of the Offering is
subject to certain conditions including the receipt of all
necessary approvals, including the approval of the TSX Venture
Exchange.
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, expectations regarding
receipt of all required approvals for the Offering, the Company’s
intended use of proceeds from 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, and 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, 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, the Company’s ability to raise additional capital if
necessary and the other risks described in the “Risk Factors”
section in the Company’s Annual Report on Form 20-F for the fiscal
year ended December 31, 2023, as updated from time to time in the
Company’s filings with the SEC. 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: 416-322-507
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