Zinger Key Points
- POET Technologies announced the pricing of its $1.4 million underwritten public offering.
- The funds will go toward general purposes like expanding revenue and developing AI-related photonic modules.
POET Technologies Inc POET shares are trading lower by 25% to $0.84 during Thursday's session after the company announced the pricing of its $1.4 million underwritten public offering of common shares and warrants.
What Happened?
POET Technologies has priced its U.S. public offering at $0.90 per share, expecting to raise around $1.4 million. The funds will go toward general purposes like expanding revenue and developing AI-related photonic modules.
The offering includes 1.6 million shares and warrants and allows for an extra purchase option for the underwriter. The anticipated closing date is around December 4.
The company also says it will not be proceeding with its previously announced Canadian LIFE offering for now.
See Also: Short Selling Rout: 92% Of ETF Shorts Were Unprofitable In The Last Month
According to data from Benzinga Pro, POET has a 52-week high of $6.23 and a 52-week low of $0.72.
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