18:54:57 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Poet Technologies Inc (2)
Symbol PTK
Shares Issued 36,715,315
Close 2022-12-21 C$ 4.20
Market Cap C$ 154,204,323
Recent Sedar Documents

Poet to extend 1.76 million warrants to May 11, 2023

2022-12-22 12:18 ET - News Release

Mr. Thomas Mika reports

POET TECHNOLOGIES ANNOUNCES INTENTION TO AMEND WARRANT TERMS

Poet Technologies Inc. intends to amend the terms of 1,764,720 common share purchase warrants of the corporation that were issued pursuant to a private placement that closed on Feb. 11, 2021. After giving effect to the consolidation, the warrants currently have an exercise price of $11.50 per common share and will expire on Feb. 11, 2023. The purpose of the proposed amendments is to (i) reduce the exercise price of the warrants from $11.50 to $4.25 per common share, (ii) extend the expiry date of the warrants from Feb. 11, 2023, to May 11, 2023, and (iii) amend the acceleration clause (as defined herein) to comply with the requirements of the TSX Venture Exchange (TSX-V).

Following the closing of the private placement in 2021, the corporation completed a consolidation of its issued and outstanding common shares on the basis of one postconsolidation common share for every 10 preconsolidation common shares. Accordingly, the number of outstanding warrants were consolidated on the basis of one postconsolidation warrant for every 10 preconsolidation warrants and, in accordance with the terms of the warrant indenture, the exercise price of the warrants was adjusted such that each postconsolidation warrant entitles the holder thereof to purchase one common share at a price of $11.50 per common share during the unexpired term of the warrants.

Warrantholder approval

In accordance with the terms of the warrant indenture under which the warrants were issued, the amendments must be approved by the holders of not less than 66-and-2/3 per cent of the outstanding warrants. Therefore, in order to give effect to the amendments, the corporation will be promptly seeking the written consent of the holders of warrants to such amendments.

Upon the amendments becoming effective, each warrant will be exercisable until 5 p.m. (Toronto time) on May 11, 2023, at an exercise price of $4.25 per common share. In addition, the warrants will be subject to an amended clause whereby, if for any 10 consecutive trading days during the unexpired term of the warrants, the closing price of the common shares on the exchange is equal to or greater than $4.89, the expiry date will be accelerated to 30 calendar days. The corporation will announce any such accelerated expiry date of the warrants by news release. All other terms and conditions of the warrants remain the same. The amended warrant terms remain subject to the final acceptance of the exchange.

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 multichip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. Poet's optical interposer eliminates costly components and labour-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 centres. Poet is headquartered in Toronto, with operations in Allentown, Pa., Shenzhen, China, and Singapore.

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