POET Technologies Announces Final Extension of Exercise Period for 2018 Warrants
30 September 2020 - 02:00PM
POET Technologies, Inc. (OTCQX: POETF; TSX Venture: PTK) the
designer and developer of the POET Optical Interposer™ and Photonic
Integrated Circuits (PICs) for the data center and
tele-communication markets, today announced the Company has
extended, for a final time, the expiry date of warrants issued to
investors in connection with its March 2018 public offering managed
by Cormark Securities Inc.
The Company has extended the exercise period to
November 17, 2020 for a total of 12,545,350 common share purchase
warrants, all of which are exercisable at C$0.75 per share
(collectively, the “Warrants”). These existing Warrants were issued
pursuant to a public offering completed by Cormark on March 21,
2018 with a two-year period in which to exercise. The expiry of the
Warrants was previously extended to September 30, 2020. All other
terms and conditions of the Warrants remain unchanged. The Warrant
extension, approved by the Company’s Board of Directors, has been
accepted by the Company’s Warrant agent TSX Trust and the TSX
Venture Exchange.
Additionally, unrelated to the Warrants, the
Company reported that it has made substantial progress toward
completion of the definitive agreements with Sanan IC in
accordance with the Letter of Intent signed by both parties on June
30, 2020. “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,” said
Thomas Mika, POET’s Executive Vice President and Chief Financial
Officer. “While there are no material terms remaining to
be decided, we are still working to finalize the details of these
agreements. We expect to complete and obtain the necessary
approvals on all associated agreements shortly after the Golden
Week holiday in China, which ends on October 10, 2020.”
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 multi-chip module
using advanced wafer-level semiconductor manufacturing techniques
and packaging methods. POET’s Optical Interposer eliminates costly
components and labor-intensive assembly, alignment, burn-in 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 and
Singapore. More information may be obtained at
www.poet-technologies.com.
Shareholder Contact:Shelton
GroupBrett L. Perrysheltonir@sheltongroup.com |
Company Contact:Thomas R. Mika,
EVP & CFOtm@poet-technologies.com |
This news 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 any
potential outcome. Such statements include the Company’s
expectations with respect to the success of the Company’s product
development efforts, the expected results of its operations,
meeting revenue targets, and the expectation of continued success
in the financing efforts, the capability, functionality,
performance and cost of the Company’s technology as well as the
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 for
completion of its development efforts, financing activities,
receiving full payment for its sale of its DenseLight subsidiary,
future growth, plans for and completion of projects by the
Company’s third-party consultants, contractors and partners,
availability of capital, and the necessity to incur capital and
other expenditures. Actual results could differ materially due to a
number of factors, including, without limitation, operational risks
in the completion of the Company’s anticipated projects, delays or
changes in plans with respect to the development of the Company’s
anticipated projects by the Company’s third-party relationships,
risks affecting the Company’s ability to execute projects, the
ability of the Company to generate sales for its products, the
ability to attract key personnel, and the ability to raise
additional capital. 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
statements because the Company can provide no assurance that such
expectations will prove to be correct. Forward-looking information
and statements contained in this news release are as of the date of
this news release and the Company assumes no obligation to update
or revise this forward-looking information and statements except as
required by law.
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 Eglinton Avenue, East, Suite 1107,
Toronto, ON, M4P 1E2- Tel: 416-368-9411 - Fax:
416-322-5075
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