POET Technologies Progressing Towards Nasdaq Listing
TORONTO, Feb. 22 28, 2022 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of POET Optical Interposer™ and Photonic Integrated Circuits (PIC) for data center and telecommunications markets, today announced as the next key step in its Nasdaq listing process that it has decided to conduct a ten-to-one consolidation (“the Consolidation”) of its ordinary shares (“Ordinary actions”) in order to meet Nasdaq listing requirements and the Company’s post-consolidation price target.
The Company expects that trading of the Common Shares on a post-consolidation basis on the TSX Venture Exchange (the “TSXV”) will begin on or about Monday, February 28, 2022. The name and ticker symbol of the Company (“PTK”) on TSXV will remain unchanged. The combination has already been approved by the Board on the recommendation of its sub-committee, as well as by shareholders at the recent annual general and special meeting of shareholders of the Company.
The Board of Directors believes that the consolidation will result in a number of potential benefits for POET, including meeting the minimum bid price requirement for Nasdaq listing and achieving a price target of post-consolidation action that will attract a broader institutional investor base for the company. The Company has been advised that a Nasdaq approval letter will be issued after a minimum of 5 trading days of its post-consolidation shares on the TSXV. The Company’s common stock is expected to begin trading on the Nasdaq approximately 7-10 days after consolidation, but timing cannot be guaranteed. Once final, the Company’s shares will trade on the Nasdaq Capital Market under the symbol “POET”.
“We said we would go up the Nasdaq when the time is right and from a position of strength, and we believe the time is right,” said Suresh Venkatesan, the company’s chief executive officer. “We are making substantial progress with a wide range of potential customers with standard and advanced products. Although there is still a lot of work to be done in collaboration with customers and suppliers to achieve commercial success, it is very clear to us that the Company is moving in the right direction, both technically and commercially. We believe we must act now and move towards a stock market where we believe POET’s achievements and future potential will be more widely appreciated and rewarded.
The consolidation has no material impact on the dollar value of investors’ shares. The 364,967,272 common shares currently issued and outstanding will be reduced to approximately 36,496,727 common shares after the consolidation. No fractional Common Shares will be issued following or at the time of the Consolidation. All fractional common shares post-consolidation will be rounded down. Outstanding stock options and stock warrants will also be adjusted to give effect to the consolidation in accordance with their terms. The Consolidation will have no effect on a Shareholder’s percentage ownership of the Company other than through the minimal effect of eliminating fractional Common Shares, even though Shareholder ownership will be represented by a smaller number of ordinary shares.
The Letter of Transmittal has been mailed to registered shareholders and registered shareholders should deposit their share certificate(s), together with the completed Letter of Transmittal, with Computershare Investor Services Inc., the agent registration and transfer of the Company. Non-registered shareholders who hold Common Shares through an intermediary (an investment dealer, broker, bank or financial institution) should be aware that the intermediary may have different procedures for handling the consolidation than those that will be put in place by the Company for registered shareholders. . If Shareholders hold their Common Shares through intermediaries and have any questions in this regard, they are encouraged to contact their intermediaries.
About POET Technologies Inc.
POET Technologies is a design and development company offering integration solutions based on the POET Optical Interposer™, a novel platform that enables the seamless integration of electronic and photonic devices into a single multi-chip module using advanced techniques wafer-level semiconductor fabrication and packaging methods. . POET’s optical interposer eliminates costly components and the labor-intensive assembly, alignment, run-in, and test methods used in conventional photonics. The cost-effective integration scheme and scalability of the POET Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the fastest growing areas of computing, such as intelligence (AI), Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centers. POET is headquartered in Toronto, with operations in Allentown, Pennsylvania, Shenzhen, China and Singapore. More information can be obtained at www.poet-technologies.com.
This press release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the United States Private Securities Litigation Reform Act of 1995). These statements or information are identified by words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, ” project”, “outlook”, “anticipate” or similar words suggesting future results or statements regarding any potential results. These statements include the Company’s expectations regarding the completion of the Consolidation, the Nasdaq listing, the expansion of the investor and public relations program, the success of the Company’s product development efforts, the performance of its products, the expected results of its operations, the achievement of revenue objectives, and the expectation of continued success in the financing efforts, the capacity, functionality, performance and cost of the Company’s technology as well as market acceptance, inclusion and timing of the Company’s technology in current and future products.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions, which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding the success and timing of completion of the consolidation, Nasdaq listing, expansion of the investor and public relations program, completion of its development efforts, financing activities, future growth, recruitment of personnel, opening of offices, plans and completion of projects by the Company’s joint ventures and third-party consultants, contractors and partners, the availability of capital and the need to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, but not limited to, lack of regulatory approval for any of the above, failure of its products to meet performance, operational risks related to the completion of the Company’s planned projects, recruitment delays for its newly opened operations or changes in plans regarding the development of the Company’s anticipated projects by third parties, risks affecting the the Company’s ability to execute projects, the Company’s ability to generate sales for its products, the ability to attract key personnel and the ability to raise additional capital. Although the Company believes that any expectations reflected in any forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on any forward-looking statements, as the Company cannot guarantee that such expectations will prove to be correct. . The forward-looking information and statements contained in this press release speak as of the date of this press release, and the Company undertakes no obligation to update or revise such forward-looking information and statements, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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