HomeMarket NewsMicro Cap StocksPOET Technologies' Stock Plummets 25% After Public Offering Announcement

POET Technologies’ Stock Plummets 25% After Public Offering Announcement

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  • 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 POETΒ 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:Β Short Selling Rout: 92% Of ETF Shorts Were Unprofitable In The Last Month

According to data fromΒ Benzinga Pro, POET has a 52-week high of $6.23Β and a 52-week low of $0.72.


The Drop in POET Technologies Stock

POET Technologies Inc, also known as POET, has seen its shares plummet by 25% to reach $0.84 in trading today. This significant drop comes as a result of the company announcing the pricing of its $1.4 million underwritten public offering of common shares and warrants.

What Prompted the Drop?

The public offering has been priced at $0.90 per share, with an expected total raise of approximately $1.4 million. These raised funds are intended for general purposes, including expanding revenue and pursuing the development of AI-related photonic modules. The offering encompasses 1.6 million shares and warrants and allows for an additional purchase option for the underwriter. The anticipated closing date for this offering is December 4. Additionally, POET Technologies stated that it will not proceed with its previously announced Canadian LIFE offering for the time being.

Market Performance

It’s worth noting that data from Benzinga Pro indicates that POET Technologies has previously achieved a 52-week high of $6.23, along with a 52-week low of $0.72.

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