30 September 2020
POET announces final extension of exercise period for 2018 warrants
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 — has extended, for a final time, the expiry date of warrants issued to investors in connection with its public offering (managed by Cormark Securities Inc) that completed on 21 March 2018, with a two-year period in which to exercise the warrants.
After already previously extending the exercise period to 30 September, the firm has extended the exercise period again, to 17 November, for a total of 12,545,350 common share purchase warrants, all of which are exercisable at C$0.75 per share. All other terms and conditions remain unchanged.
The warrant extension, approved by the firm’s board of directors, has been accepted by the warrant agent TSX Trust and the TSX Venture Exchange.
Additionally, unrelated to the warrants, POET says that it has made substantial progress toward completion of the definitive agreements with Sanan Integrated Circuit Co Ltd of Xiamen City, Fujian province (China’s first 6-inch pure-play compound semiconductor wafer foundry), in accordance with the letter of intent signed by both parties on 30 June.
“Collectively, there are more than a dozen interrelated agreements and detailed schedules, which we previously aimed to have completed, approved and signed by the end of September,” says POET’s executive VP & chief financial officer Thomas Mika. “While there are no material terms remaining to be decided, we are still working to finalize the details of these agreements,” he adds. “We expect to complete and obtain the necessary approvals on all associated agreements shortly after the Golden Week holiday in China, which ends on 10 October.”
POET and Sanan IC to form $50m JV
POET extends warrants from 2018 public offering; to receive Tranche 2b payment for DenseLight subsidiary by end-March