POET Reports on Share Sales under ATM Program for the Quarter Ending September 30, 2023
14 Oktober 2023 - 2:36AM
POET Technologies Inc. (the "Company" or “POET”) (TSXV: PTK;
NASDAQ: POET) hereby reports on the sales under the Company's
"at-the-market" equity program (the "ATM Program") during the
fiscal quarter ended September 30, 2023.
The ATM Program was
initially active in both the United States and Canada pursuant to
an equity distribution agreement dated June 29, 2023 among the
Company, Craig-Hallum Capital Group LLC ("Craig-Hallum") and
Cormark Securities Inc. ("Cormark") and conducted under a
prospectus supplement dated June 29, 2023 to the Company's short
form base shelf prospectus dated June 30, 2021 and U.S.
registration statement on Form F-10, which included the base shelf
prospectus. Following the expiry of the Company's Canadian base
shelf prospectus on August 5, 2023, the Company continued the ATM
Program only in the United States pursuant to an equity
distribution agreement dated September 1, 2023 between the Company
and Craig-Hallum and conducted under a prospectus supplement dated
September 1, 2023 to the Company's base shelf prospectus dated
August 18, 2023 included in the Company’s U.S. registration
statement on Form F-3 (the "Registration Statement"), which
Registration Statement was declared effective by the United States
Securities and Exchange Commission on August 18, 2023.
During the initial
cross-border phase of the ATM Program between June 29, 2023 and
August 5, 2023, the Company sold an aggregate of 227,673 common
shares of the Company (the "Shares") on both the TSX Venture
Exchange (denominated in Canadian dollars) and Nasdaq Capital
Markets (denominated in United States dollars) at an average price
of C$5.82 per Share. The Company received net proceeds of
approximately C$1,285,195, representing aggregate gross proceeds of
approximately C$1,324,943, less aggregate cash commissions paid to
Craig-Hallum and Cormark of approximately C$39,748. Dollar values
disclosed above in Canadian dollars are derived from the aggregate
of distributions on the TSX Venture Exchange and the
Canadian-dollar equivalent of the distributions on the Nasdaq
Capital Markets (based on the Bank of Canada exchange rate
prevailing on each applicable sale date).
The Company has not
sold any common shares under the United States-only ATM Program
from its inception on September 1, 2023 through September 30, 2023.
The Company has suspended sales under the United States-only ATM
Program and is not required to provide notice if it resumes making
sales thereunder in the future.
This news release does not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of the Company’s common shares in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification, or an exemption from
registration or qualification, under the securities laws of any
such jurisdiction.
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 allows the seamless integration of electronic and
photonic devices into a single chip using advanced wafer-level
semiconductor manufacturing techniques and packaging methods.
POET’s Optical Interposer eliminates costly components and
labor-intensive assembly, alignment, and testing methods employed
in conventional photonics. The cost-efficient 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 highest growth areas of computing, such as
Artificial Intelligence (AI), the 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, PA, Shenzhen, China and Singapore. More
information may be obtained at www.poet-technologies.com.
Forward-Looking StatementsThis
press release contains "forward-looking information" (within the
meaning of applicable Canadian securities laws) and
"forward-looking statements" (within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995). Such statements
or information are identified with words such as "anticipate",
"believe", "expect", "plan", "intend", "potential", "estimate",
"propose", "project", "outlook", "foresee" or similar words
suggesting future outcomes or statements regarding an outlook. Such
information and statements include the Company’s anticipated use of
the ATM Program.
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, the
Company's use of the ATM Program and any proceeds therefrom,
management’s expectations regarding its ability to correctly gauge
market needs and to produce products in the required amounts and on
a timely basis. Actual results could differ materially due to a
number of factors, including, without limitation, delays or changes
with respect to share sales under the ATM program, including with
respect to the use of proceeds therefrom, if any, suspension or
termination of the ATM program in accordance with its terms, the
dilutive effects of the share sales, market conditions, and the
Company’s ability to raise additional capital if necessary. For
further information concerning these and other risks and
uncertainties, refer to the Company’s filings on SEDAR+ at
www.SEDAR.com and on the website of the U.S. Securities and
Exchange Commission at www.sec.gov. Although the Company believes
that the expectations reflected in the forward-looking information
or statements are reasonable, prospective investors in the
Company’s securities should not place undue reliance on
forward-looking information and statements because the Company can
provide no assurance that such expectations will prove to be
correct. Forward-looking information and statements contained in
this press release are as of the date of this press release and the
Company assumes no obligation to update or revise this
forward-looking information and statements except as required by
law.
Contacts:
Media Relations
Contact:Adrian
Brijbassiadrian.brijbassi@poet-technologies.com |
Company
Contact:Thomas R. Mika, EVP &
CFOtm@poet-technologies.com |
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Neither 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.120
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