23 February 2021
POET’s shareholders authorize board to consolidate shares
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 announced the results of its Special Meeting, held virtually on 19 February. This focused exclusively on seeking authorization from shareholders to enable the board of directors (within its sole discretion) to consolidate issued and outstanding common shares on the basis of one post-consolidation common share for a number of pre-consolidation common shares ranging between two and 14, as outlined in the management information circular and voting material sent to shareholders.
The resolution passed with 95,552,200 (93.5%) of the 102,204,894 votes present (in person or by proxy) voting in favor of the resolution and 6,649,722 (6.5%) voting against.
Conducting the formal business of the meeting, chairman & CEO Dr Suresh Venkatesan thanked shareholders for their continued support of the company and the support of the decision to authorize the board to consider the consolidation of the issued and outstanding common shares. He drew attention to the increase in the firm’s stock price and its current liquidity resulting from the recently completed brokered private placement and exercise of warrants.
Venkatesan reminded shareholders that the consolidation of the issued and outstanding common shares would only take place at a time when the board deems appropriate and in the best interest of the company. He reiterated that the purpose of the consolidation was in furtherance of the firm’s goal to seek an additional listing on the NASDAQ Capital Market and/or a graduation to the TSX Exchange in order to gain access to a larger pool of shareholders, including additional institutional investors.