24/7 Market News Snapshot 26 November, 2024 – POET Technologies Inc. Common Shares (NASDAQ:POET)

November 26, 2024

DENVER, Colo., 26 November, 2024 (247marketnews.com) – (NASDAQ:POET) are discussed in this article.
POET Technologies Inc. (NASDAQ:POET) is experiencing a notable surge in its market performance, opening at $4.37 and peaking at $4.85, reflecting a substantial increase of approximately 14.12%. This upward trajectory is underscored by a trading volume of 5.23 million shares, indicating growing investor interest fueled by recent company developments. Analysts suggest that a successful breach of the resistance level at $4.90 could signal further momentum, while support is seen around $4.50, painting a favorable outlook for the company in the near term.

In a strategic maneuver to strengthen its innovative operations, POET Technologies has announced its intention to conduct a registered direct offering aimed at raising significant capital. The Corporation plans to issue 5,555,556 common shares alongside warrants permitting the acquisition of an additional 2,777,778 common shares, all at a combined offering price of US$4.50 per share plus a half warrant. This initiative is projected to yield gross proceeds of approximately US$25 million, fortifying the company’s expansion efforts, particularly in assembly operations and penetration into new markets.

The warrants will have an exercise price of US$6.00 per common share, remaining valid for five years upon issuance. The completion of this offering is anticipated in early December 2024, contingent upon the requisite regulatory approvals. The initiative is primarily aimed at an accredited institutional investor under Canadian securities regulations.

As a pioneer of the POET Optical Interposer™, POET Technologies remains dedicated to delivering innovative photonic integrated circuits (PICs) and light sources targeted at data centers, telecommunications, and artificial intelligence sectors. The company’s patented technology promises reduced costs and power consumption while ensuring scalability, addressing the rising demand for high-speed data processing in an increasingly digital landscape. POET is poised to continue its mission of revolutionizing optical solutions integration within the industry.

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