POET Technologies Stock Is On the Rise: What's Behind the Move?

POET Technologies Inc. POET shares are rallying again on Wednesday after falling to start the week. Here’s a look at what you need to know.

What To Know: Poet on Monday announced a $25 million public offering of 5 million units priced at $5 each, with each unit including one common share and one warrant exercisable for a period of five years from the date of issuance.

The issued price represents a discount of approximately 12% from the closing price of the common shares on the TSX Venture Exchange on July 4.

“We are very fortunate to have had strong interest from institutional, strategic and public market investors over the past 15 months, due largely to a compelling value proposition that combines key technical and commercial achievements with a vast market opportunity, rewarding innovative hardware solutions in Artificial Intelligence networks and systems,” said Thomas Mika, executive vice president and CFO of Poet Technologies.

“We have raised over US$100 million in equity capital at increasingly higher prices over the past year and have thereby achieved all of our near-term financing goals for the Corporation.”

On Tuesday, the company announced the appointment of Sohail Khan as a director of the board. Khan comes with decades of leadership experience across high-tech firms. Most recently, Khan served as executive vice president of Wideband Gap Electronics and president of SiC, LLC, which are both divisions of Coherent Corp. 

Last month, Poet's Teralight optical engine line won the “AI Hardware Innovation Award” at the annual AI Breakthrough Awards. The award recognized Teralight’s architecture for improving signal quality and energy efficiency while reducing complexity in module design.

See Also: Nvidia’s $4 Trillion Milestone Lifts Wall Street: What’s Moving Markets Wednesday?

POET Price Action: At the time of publication, Poet stock was up 19.5% at $6.16, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.