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POET Technologies Inc. (NASDAQ:POET) shares are trending on Wednesday.
Check out the current price of POET stock here.
Shares of the opto-electronic solutions company rose to $8.50 in after-hours trading on Tuesday, gaining 7.87% or $0.62. During the regular session earlier in the day, shares closed at $7.88, up 23.51% or $1.50, based on data from Benzinga Pro.
POET Technologies announced on Tuesday that it had completed a non-brokered private placement with a single institutional investor, raising $75 million in gross proceeds.
As part of the deal, the company issued 13,636,364 common shares along with warrants, priced at $5.50 per unit.
This represents the largest single investment in POET’s history, the company stated.
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The warrants are priced at CAD 9.78 ($7) per share and can be exercised until October 7, 2030. POET plans to use the net proceeds for corporate development efforts, which include potential acquisitions, expanding research and development, accelerating its light source business, growing operations, and covering general working capital needs.
Dr. Suresh Venkatesan, Executive Chairman and CEO of the Canadian company, stated, “The massive growth of AI infrastructure represents an unprecedented opportunity for which POET is well-prepared. With a war chest of over $150 million in cash and no significant debt, we are now able to scale up our own growth ambitions in the market for advanced AI hardware solutions.”
POET closed Tuesday at its highest point in the past year, reaching a one-year peak.
Over the last 12 months, the share price has surged 77.48%.
Trading volume on Tuesday hit 41 million shares, surpassing the average daily volume of 2.66 million. Throughout the year, the stock has traded between $3.10 and $8.13, with the company's market capitalization now standing at $715.01 million.
With a strong Momentum in the 86th percentile, Benzinga’s Edge Stock Rankings indicate that POET has a positive price trend across all time frames. Know how its momentum lines up with other well-known names.
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Photo Courtesy: Jose Mario Bertero on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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