19 February 2020
POET receives Tranche 2a payment of US$4.75m from DenseLight buyer
POET Technologies Inc of Toronto, Ontario, Canada — designer and developer of the POET Optical Interposer and photonic integrated circuits (PICs) for the data-center and telecom markets — says that, despite the recent business interruptions in China resulting from the COVID-19 virus, it has received the scheduled Tranche 2a payment of US$4.75m from the buyer of its Singapore-based subsidiary DenseLight Semiconductors Pte Ltd. POET has hence initiated the transfer of an additional 19% of DenseLight shares from escrow to the buyer (bringing the total to 49%).
It also confirmed that the Tranche 2b payment of US$8.25m, which will transfer an additional 32% of shares (making a total of 81%) is on track to be paid by the end of March.
Additionally, POET has announced the planned opening on 1 April of an office and lab in Allentown, PA, USA. Concurrently, it has taken the required actions to close its office in San Jose, CA.
POET completes Optical Interposer development project
POET completes sale of DenseLight subsidiary