What's Going On With POET Technologies Stock?

POET Technologies Inc POET shares are inching higher in Monday’s after-hours session after the company announced a manufacturing agreement with Globetronics and provided an update on its joint venture with Super Photonics Xiamen.

What Happened: After the market close on Monday, POET announced it signed a Master Agreement, an Optical Engine Purchase Agreement and a Deed of Consignment, under which Globetronics will manufacture optical engines for POET in Malaysia.

Poet said it engaged Globetronics to assemble and test optical engines based on designs made exclusively by the company. Globetronics has allocated approximately $1.7 million for capital expenditures related to optical engine manufacturing from 2025 through 2027.

Separately, POET provided an update related to its memorandum of understanding with Quanzhou Sanan Optical to transfer its 24.8% stake in joint venture SPX to POET. POET said it expects binding definitive agreements to be signed by the end of the year. Terms of the transaction are expected to be announced upon signing.

Finally, POET noted that its previously announced public offering of $25 million has been fully subscribed by a single institutional investor. The offering is not expected to close until the SPX deal is settled.

POET Technologies offers high-speed optical engines, light source products and custom optical modules to the AI systems market and to hyperscale data centers.

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POET Price Action: POET Technologies shares were up 0.82% in after hours, trading at $4.90 at the time of publication Monday, according to Benzinga Pro.

Photo: Shutterstock.