POET Technologies Announces Intention to Amend Warrant Terms
TORONTO, March 22, 2024 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Corporation“) (TSXV: 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, announced today, that it intends to amend the terms of 563,317 common share purchase warrants of the Corporation (the “Warrants“) that were issued pursuant to a private placement that closed on December 2, 2022 (the “Private Placement“). Each Warrant is currently exercisable by the holder thereof to acquire one common share of the Corporation (each, a “Common Share“) at an exercise price of C$4.95 (US$3.61) per Common Share until December 2, 2025. The purpose of the proposed amendments (collectively, the “Amendments“) is to (i) reduce the exercise price of the Warrants from C$4.95 (US$3.61) to C$1.80 (US$1.33) per Common Share, and (ii) add an Acceleration Clause (as defined herein) to comply with the requirements of the TSX Venture Exchange (the “Exchange“).