Stock of POET Technologies (NASDAQ: POET) experienced a significant drop of over 26%, plummeting to $2.00 on Thursday. This decline comes in the wake of the company’s announcement of a public offering in the United States, along with a non-brokered offering in Canada.
At the time of this publication, POET Technologies Inc stock (POET) has witnessed a decline.
POET Technologies Inc
Current Price: $2.00
Change : -0.72
Change (%): (-26.50%)
Source: Tomorrow Events Market Data
POET Technologies, renowned for its innovative design and development of the POET Optical Interposer and Photonic Integrated Circuits (PICs) catering to data center, telecommunication, and artificial intelligence sectors, made the announcement yesterday regarding the commencement of the underwritten public offering in the U.S. Simultaneously, the company also initiated a non-brokered offering in the Canadian market.
The offerings comprise common shares of the company as well as warrants for the purchase of common shares, contingent on prevailing market conditions. However, there remains uncertainty regarding the completion timeline and the precise scale, pricing, and other specific terms of the Offering. Additionally, POET intends to afford the underwriter a 45-day option to acquire an extra 15 percent of the total common shares and/or warrants featured in the U.S. Offering.
Maxim Group LLC has been appointed as the exclusive book-running manager for the U.S. Offering, overseeing the process.
In the event the Offering is successfully concluded, POET intends to allocate the net proceeds towards general working capital purposes. This encompasses initiatives for revenue expansion, as well as the development and production of photonic modules targeting the artificial intelligence sector and related markets.
The recent stock performance of POET Technologies reflects a notable downturn, with figures as follows:
– 5 Day Performance: -35.71%
– 1 Month Performance: -34.15%
– 3 Month Performance: -53.79%
– Year-to-Date Performance: -37.42%
– 1 Year Performance: -23.17%
Investors and industry analysts will closely monitor developments in the coming days to assess the impact of the public offerings on the company’s financial outlook and market standing. POET Technologies is poised to navigate the challenges and opportunities presented by this strategic move in the dynamic landscape of technology and innovation.