18 November 2021
POET appoints board sub-committee to plan Nasdaq listing
POET Technologies Inc of Toronto, Ontario, Canada — a designer and developer of the POET Optical Interposer and photonic integrated circuits (PICs) for the data-center and telecom markets — says that its board of directors has appointed a sub-committee consisting of three independent members to determine the timing and other matters related to its planned listing on the NASDAQ Capital Market.
The sub-committee will consider and recommend to the full board the selection of a lead underwriter to support the US listing, and the timing and ratio for a consolidation of the firm’s outstanding shares within the ratios previously approved by its shareholders. Additionally, the sub-committee will evaluate the potential for up-listing to the TSX from the TSX Venture Exchange, and the timing and sequencing of each of these individual steps.
The sub-committee will work with the firm’s senior management and company counsel on all aspects of the process and is expected to report its findings to the board by its next scheduled meeting in early 2022.
“Our board has taken another step in a process that we initiated earlier this year,” says chairman & CEO Suresh Venkatesan. “We recently secured the approval from shareholders to consolidate our outstanding shares, changed transfer agents to ensure DTC eligibility for more seamless trading of our stock, and made application to the Nasdaq, with a few remaining items to be completed for the application,” he adds. “The exact timing of the listings, their sequence and any related public offering of shares will be taken up by the sub-committee with the objective of presenting the optimal timing for a listing in order to maximize value to our shareholders.”