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VIDEO – POET Technologies Launches In China To Critical Acclaim, Including Break Through First Customer Commitment

Posted by AGORACOM-JC at 9:33 AM on Wednesday, September 29th, 2021

When 99.8% of investors read the headline to this press release, you couldn’t blame them for not understanding what it meant or how important it is to the future of POET Technologies 

 POET Technologies Launches Its Products and Optical Interposer Platform in China to Critical Acclaim 

But this is the great thing about AGORACOM Beyond The Press Release, which provides investors with a layman’s understanding  the importance of headlines like this to the business of $PTK …. 

Last week in China was an important one for $PTK.  The Company participated in two leading optoelectronics conferences / exhibitions in China at which they introduced POET to the China market (where most of the customers are), and demonstrated their technology across a range of products.

HOW WELL DID THE PRESENTATIONS GO?

That can easily be summarized by this powerful quote:

“The companies that attended the live demos now know who POET is and the significant value that we can provide to them.  We were already engaged with a few customers, such as Fibertop and their commitment to adopt POET optical engines in their optical modules is a breakthrough for us.  Other companies requested samples of our demonstrated products, and several more want to either engage in development contracts that would incorporate POET Optical Engines in their products or have POET incorporate their components into POET’s Optical Engines. Numerous opportunities for increased customer engagement in China, including with some of the largest players,” 

WHAT KIND OF COMPANIES DID POET MEET AND DEMO THEIR PRODUCTS TO IN CHINA

More than 60 C-level and senior R&D executives representing over 20 companies, including:

  • Major China-based network equipment suppliers
  • Tier 1 transceiver module companies
  • Leading optical module and fiber optic companies (several of which are publicly traded)
  • Data center operators … and 
  • Major multi-billion-dollar public enterprise companies seeking to expand into the optical transceiver business

You don’t have to be a computer scientist to understand the potential of these target markets. But you do have to watch this powerful interview in its entirety to understand the big picture.

VIDEO – POET Technologies $PTK.ca $POETF Describes OFC Conference as an “Inflection Point”

Posted by AGORACOM-JC at 4:47 PM on Monday, June 14th, 2021

POET Technologies (PTK: TSXV) (POETF: OTCQX) Vivek Rajgarhia, Thomas Mika and I discuss the success of their demos at the  2021 Optical Fiber Communication Conference and Exhibition (OFC) .

POET hosted a Gold-level sponsored booth showcasing the company’s latest news, products and video demonstrations.

Vivek describes the conference as an “inflection point” … and the smiles on their faces are hard to ignore! 

Sit back and watch this powerful interview!

VIDEO – POET Technologies $PTK.ca $POETF Enters $200M Market For Long Reach Optical Engines With Advanced Customer Discussions

Posted by AGORACOM-JC at 4:16 PM on Thursday, April 22nd, 2021

When 99.8% of investors read the headline to this press release, you couldn’t blame them for not understanding what it meant or how important it is to the future of POET Technologies

 POET Technologies Announces Entry into Telecom Market with 100G LR4 (Long Reach) Optical Engines

But this is the great thing about AGORACOM Beyond The Press Release, which provides investors with a layman’s understanding of both the importance of the technology and its importance to the bottom line of $PTK …. and they are both very important. 

A couple of things we can say that all investors would understand are the following:

  • The addressable market for this product (100G LR4 Transceiver) is ~ $USD 200 Million per year.
  • POET believes it can capture a very meaningful percentage of this market.  
  • A 100G LR4 transceiver sells for about 2X to 3X the price of status quo products but delivers significantly better performance
  • POET’s product significantly reduces the cost of the optical engine allowing it to provide a savings to customers in the range of 25%
  • This 25% savings to customers often means the difference for viability
  • POET has design an optical engine that uses 10% to 15% less power to deliver data at the same speed and over the same distance as comparable modules
  • From a capital markets point or view, the Company’s NASDAQ uplisting plan is progressing on schedule.
  • POET believes it will provide large US investors with the further de-risking they have requested in 2020

You don’t have to be a computer scientist to understand the value of all these points. But you do have to watch this powerful interview in its entirety to understand the big picture.

POET Technologies $PTK.ca $POETF to Participate at Upcoming Virtual Financial Conferences

Posted by AGORACOM-JC at 5:45 PM on Tuesday, April 6th, 2021
  • Cormark Securities’ 2021 Virtual Inflection Conference
    Power Technology Session – Date: Tuesday, April 13
  • OTC Virtual Technology Conference – Date: Thursday, April 15

TORONTO, April 06, 2021 — 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 telecommunication markets, today announced that management is scheduled to present and host meetings with participating investors at the following virtual financial conferences.

Cormark Securities’ 2021 Virtual Inflection Conference
Power Technology Session
Date: Tuesday, April 13
Presentation: 11:30 AM Eastern Time
Presenters: Suresh Venkatesan, Chairman & CEO; Vivek Rajgarhia, President & General Manager and Thomas Mika, Executive Vice President & CFO

The Cormark Securities Conference is an investor-focused conference discussing how to invest in an age of sustainability and new technologies. POET will be participating in the Power Technology Session which will include meetings with institutional investors. Interested investors should contact their Cormark representative to register.

OTC Virtual Technology Conference
Date: Thursday, April 15
Presentation: 10:30 AM Eastern Time
Presenter: Thomas Mika, Executive Vice President & CFO

POET invites individual and institutional investors, as well as advisors and analysts, to attend the real‐time, interactive presentations on VirtualInvestorConferences.com. It is recommended that investors pre‐register and run the online system check to expedite participation and receive event updates by registering on the OTC event calendar website: https://www.virtualinvestorconferences.com/event-calendar

Additionally, POET’s presentation materials will be made available on the Presentations and Events page of the Company’s website.

Option Grants

At a regular meeting of the Board of Directors held on March 24, 2021, as part of the Company’s incentive stock option grant program, the Board approved the granting of a total of 4,831,250 options to be granted on April 6, 2021 to directors, employees and consultants of the Company to purchase common shares. The approved grant represents 1.4% of the total issued and outstanding common shares of the Company. The approved total included 731,250 stock options to non-management directors (0.21%), 2,050,000 to officers (0.6%), 2,000,000 to other employees (0.59%), and 50,000 to consultants (0.01%). 

The options are exercisable for 10 years at a price of C$1.19 being the closing price of the Company’s shares on April 5, 2021. The directors’ options vest quarterly in arrears over the one year of service as a director. All other options granted to employees vest 25% on the first anniversary of the grant and the balance vests quarterly over a further three-year period thereafter. The grant to the directors represents the option portion of directors’ fees for the 12-month period beginning April 1, 2021. The options granted to a consultant will vest based on certain performance milestones of the consultant over a 12-month period.

Read More: https://agoracom.com/ir/POETTechnologies/forums/discussion/topics/758617-poet-technologies-to-participate-at-upcoming-virtual-financial-conferences/messages/2311026#message

POET Technologies $PTK.ca $POETF Reports Fourth Quarter 2020 Financial Results

Posted by AGORACOM-JC at 7:48 PM on Tuesday, March 30th, 2021

TORONTO, March 30, 2021 — POET Technologies Inc. (“ POET ” or the “ Company ”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, today reported its audited consolidated financial results for the fourth quarter and year ended December 31, 2020. The Company’s financial results as well as the Management Discussion and Analysis have been filed on SEDAR. All financial figures are in United States dollars (“USD”) unless otherwise indicated.

Fourth Quarter Financial (non-IFRS) and Recent Business Highlights:

  • Signed definitive agreement with Xiamen Sanan Integrated Circuit Co. Ltd (“Sanan IC”) and completed official registration of joint-venture company, Super Photonics Xiamen (“SPX”), to offer a new generation of cost-effective, high-performance optical engines based on the POET Optical Interposer platform;
  • Achieved industry-first with flip-chip of Directly Modulated Laser (DML) designs on the Company’s Optical Interposer platform;
  • Completed and tested designs for LightBar ™, a new line of high-performance remote laser light source products for 400G FR4, 800G and Co-Packaged Optics (CPO) applications in cloud data centers ;
  • Opened Product Design and Development Center in Shenzhen, China and appointed Dr. Jinyu Mo as Senior Vice President, Asia;
  • Appointed semiconductor and optoelectronics industry veteran, Glen Riley, to the Board of Directors;
  • Ended the year with cash and cash equivalents of $6.9 million compared to $1.4 million on December 31, 2019, then after quarter-end completed a private placement financing resulting in gross proceeds of $11.8 million;
  • Subsequent to December 31, 2020, the Company received $8.4 million from the exercise of stock options and warrants and further reduced its debt by $1.7 million through the conversion of convertible debentures into units of the Company; and
  • As of the date of this release, on an unaudited basis, the Company reported it has approximately $23.7 million in cash available to fund operations.

Management Comments

Commenting on the Company’s recent progress, Dr. Suresh Venkatesan said, “The fourth quarter was a pivotal period for our Company, as we successfully achieved significant milestones on the path toward commercialization of new products based on the POET Optical Interposer platform. First, we released our first multi-product wafer (MPW) mask set for production, which was comprised of custom designs for specific applications and customers. Additionally, we completed and tested the designs of our newly launched product line, LightBar , a family of high-performance laser light source products for 400G FR4, 800G and Co-Packaged Optics applications in cloud data centers. We are very excited about the near-term opportunity for these products to serve as a spring-board for supplying products to large cloud-based data center customers that are aggressively seeking solutions with both higher speed and reduced cost.

“As evidence of further progress, in December we achieved an industry first with the successful test of our high-speed DML laser design ‘flip-chipped’ onto POET’s Optical Interposer platform, enabling the world’s lowest-cost and smallest 100G CWDM4 optical engine. This accomplishment is critical to the assembly of a single-chip, fully integrated optical engine that can be produced at wafer-scale in high volume. We also expanded our operations team and facilities in early 2021 with the appointment of Dr. Jinyu Mo as a Senior Vice President of Asia, coupled with the opening of a new product design and development center in Shenzhen, China.”

Dr. Venkatesan further stated, “Looking at the current landscape in early 2021, there have been broadly reported supply chain constraints throughout the semiconductor industry. This environment has introduced challenges related to the reliable and timely sourcing of lasers, which has resulted in delayed production schedules across the industry and also for POET’s alpha and beta samples. That said, we are continuing to work closely with our strategic manufacturing partners, while also exploring potential alternative sources in order to mitigate the impacts of these external supply constraints. I want to emphasize that we have continued to meet the product development milestones that are based on variables within our control, and we’ve encountered no new hurdles in terms of technological barriers or device performance. Importantly, we have a solid cash position and strengthened balance sheet following the successful financing activities completed in recent months, and we remain very optimistic about our advancement of POET’s product roadmap throughout 2021.”

Financial Summary

Due to the sale of its wholly owned subsidiary, DenseLight, the Company was required to report the activities of DenseLight as a discontinued operation with effect from January 1, 2019. The financial statements filed today reflect this classification.   While the Company operated as a single integrated entity until November 8, 2019, the Closing Date of the sale transaction, the financial data below presents the net operations of DenseLight in prior periods as a single line item titled “Income from discontinued operations (net of taxes)”. The net operations of the Company do not include discontinued operations in the fourth quarter of 2020 due to closing of the sale in November 2019. Comparative results include those of discontinued operations. The following discussion and the summary table presented at the bottom of this press release are on a proforma, non-IFRS basis. The required IFRS presentation of the Company’s Financial Statements can be found in its recent filings on SEDAR.

The Company reported a net loss of ($5.0) million, or ($0.02) per share, in the fourth quarter of 2020 compared with net income before tax recovery of $3.2 million, or $0.01 per share, in the fourth quarter of 2019 and net loss of ($3.5) million, or ($0.01) per share, in the third quarter of 2020. The loss in the fourth quarter of 2020 included research and development costs of $2.2 million compared to $0.8 million in the fourth quarter of 2019 and $1.2 million in the third quarter of 2020. The increase compared to the prior year period reflects a redistribution of research and development activities and costs that were previously accounted for by DenseLight and reported as discontinued operations when the organization operated as a single entity. These costs are now accounted for solely by POET. Non-cash expenses in the fourth quarter of 2020 included stock-based compensation of $0.9 million and depreciation and amortization of $0.2 million. Non-cash stock-based compensation and depreciation and amortization were $0.6 million and $0.1 million in the fourth quarter of 2019, respectively, and $1.1 million and $0.2 million, respectively, in the third quarter of 2020. The net income reported in the fourth quarter of 2019 included a gain on the sale of DenseLight of $8 million and a recovery of deferred income taxes of $0.3 million.

During the fourth quarter of 2020, the Company had debt related finance costs of $249,000 compared to $302,000 in the fourth quarter of 2019 and $244,000 in the third quarter of 2020. Of the finance costs recognized in the fourth quarter of 2020, $128,000 was non-cash compared to $109,000 in the fourth quarter of 2019 and $141,000 in the third quarter of 2020.

On a non-IFRS basis, cash flow from operating activities in the fourth quarter of 2020 was ($2.9) million compared to ($3.7) million in the fourth quarter of 2019 and ($2.9) million in the third quarter of 2020.

Non-IFRS Financial Performance Measures
Certain financial information presented in this press release is not prescribed by IFRS. These non-IFRS financial performance measures are included because management has used the information to analyze the business performance and financial position of POET prior to the sale of its DenseLight subsidiary. These non-IFRS financial measures are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. These non-IFRS financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

In order to provide the combined business performance and relative financial position prior to the sale of DenseLight, certain non-IFRS financial performance measures have been combined to show an aggregate number. Such proforma combined numbers are illustrative only and actual figures may vary materially.

Screen-Shot-2021-03-30-at-7-45-11-PM

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 Group
Brett L. Perry
[email protected]
Company Contact:
Thomas R. Mika, EVP & CFO
[email protected]

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, future growth, the form and potential of its planned joint venture, if approved, plans for and completion of projects by the Company’s 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, a delay or abandonment of its planned joint venture, delays or changes in plans with respect to the development of the Company’s anticipated projects by the Company’s external contractors,, 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

VIDEO – POET Technologies $PTK.ca $POETF Discusses Significant Progress on Super Photonics Xiamen Joint Venture

Posted by AGORACOM-JC at 6:54 PM on Wednesday, March 17th, 2021

When a small cap company enters into a developer and supply agreement with a technology leader in its space AND can’t name the company, that is typically a very good thing.

Understanding the world of Photonics isn’t the easiest thing small cap investors have had to understand.  In fact, it may be the very hardest thing they’ve ever had to understand.  However, given the fact we are the very reason current photonics devices aren’t living up to snuff trying to keep up with our surfing, streaming, binging and zooming – you start to see why understanding photonics and POET Technologies could open up investors to a whole new world.

We went beyond the press release with POET management to discuss its significant progress on Super Photonics Xiamen Joint Venture.

Joint Venture Highlights

  • Valued at $USD 50M
  • Revenue opportunity of $USD 250M annually by 2024-2025
  • Ability to scale production rapidly without cash investment by POET.       

Sit back, relax and watch this powerful interview with Poet Technologies.

VIDEO – POET $PTK.ca $POETF Is Targeting New Markets for Co-Packaged Optics and Optical Sensing Applications with LightBar-C Product

Posted by AGORACOM-JC at 5:03 PM on Tuesday, February 23rd, 2021

POET Technologies $PTK.ca $POETF Targets New Markets for Co-Packaged Optics and Optical Sensing Applications with LightBar-C™ Product

Posted by AGORACOM-JC at 9:00 AM on Tuesday, February 23rd, 2021
  • Extended the Optical Interposer into new applications and markets with a fully-integrated, multiplexed light-source for optical computing chipsets and sensing applications, named “ LightBar-C™”.

TORONTO, Feb. 23, 2021 — POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, announced that it has extended the Optical Interposer into new applications and markets with a fully-integrated, multiplexed light-source for optical computing chipsets and sensing applications, named “ LightBar-C™”.

The POET Optical Interposer platform has been extended and validated with the intrinsic features to support Conventional Band (“C-band”) and Long Band (“L-band”) lasers that produce light in a frequency range of 1530nm to 1625nm. POET has designed, developed and demonstrated cooled lasers for the Optical Interposer platform with up to 90mW of power operating at room temperature. In addition, the Company has designed and demonstrated a Dense Wavelength Division Multiplexer (“DWDM”) embedded in the Optical Interposer waveguide layer that allows channel spacings of 200GHz, providing the high density and broadband requirements needed for high-performance optical sensing and Co-Packaged Optics (CPO) applications, such as optical computing chipsets for Artificial Intelligence.

The Company’s first product to incorporate all of these features is the POET LightBar-C, which includes integrated spot-size converters that minimize coupling losses and increase power efficiency of components, such as multiplexers and detectors. The product provides low-loss fiber and free-space coupling, all specifically developed for highly integrated solutions within the C-band frequencies. The LightBar-C also utilizes a versatile and integrated laser source with multiple wavelengths (from 2 up to 8) multiplexed in the C-Band.

The optical bandwidth in the C-band is in the “eye-safe” region, which makes it ideal for free-space sensing applications. Consequently, C-band light solutions are expected to be foundational to the next generation of LiDAR solutions where high sensitivity, high power, reduced atmospheric influence and eye safety are presumed to be essential requirements.

Read More: https://agoracom.com/ir/POETTechnologies/forums/discussion/topics/755882-poet-technologies-targets-new-markets-for-co-packaged-optics-and-optical-sensing-applications-with-lightbar-c-product/messages/2304892#message

POET Technologies $PTK.ca $POETF Provides Highlights and Results of Special Meeting

Posted by AGORACOM-JC at 10:35 AM on Monday, February 22nd, 2021
  • Announces the results of the Special Meeting (the “Meeting”) held virtually on Friday February 19, 2021.
  • Authorization from the Company’s shareholders to enable the Board of Directors, within its sole discretion, to consolidate the Company’s issued and outstanding common shares on the basis of one post-consolidation common share for a number of pre-consolidation common shares ranging between two (2) and fourteen (14) as outlined in the Company’s management information circular and voting material sent to the shareholders.

TORONTO, Feb. 22, 2021 – POET Technologies Inc. (“ POET ” or the “ Company ”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets announces the results of the Special Meeting (the “Meeting”) held virtually on Friday February 19, 2021.

The Company’s Chairman and Chief Executive Officer, Dr. Suresh Venkatesan, conducted the formal business of the Meeting, which focused solely on seeking authorization from the Company’s shareholders to enable the Board of Directors, within its sole discretion, to consolidate the Company’s issued and outstanding common shares on the basis of one post-consolidation common share for a number of pre-consolidation common shares ranging between two (2) and fourteen (14) as outlined in the Company’s management information circular and voting material sent to the shareholders.

Read More: https://agoracom.com/ir/POETTechnologies/forums/discussion/topics/755798-poet-technologies-provides-highlights-and-results-of-special-meeting/messages/2304711#message

POET Technologies $PTK.ca $POETF Reports on Financing Activities Ahead of Friday’s Special Meeting

Posted by AGORACOM-JC at 8:34 AM on Wednesday, February 17th, 2021

Clarifies Position on Implementation of Potential Share Consolidation

  • Added approximately C$24 million (US$18.8 million) to the Company’s cash balance as a result of the successful closing of a brokered private placement, warrants and stock options exercised since October 1, 2020.

TORONTO, Feb. 17, 2021 — POET Technologies Inc. (” POET ” or the ” Company “) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, has added approximately C$24 million (US$18.8 million) to the Company’s cash balance as a result of the successful closing of a brokered private placement, warrants and stock options exercised since October 1, 2020.

Exercise of Options and Warrants
The Company revealed that it had received approximately C$10 million from the exercise of options and warrants since October 1, 2020. Approximately C$2.7 million (US$2.1 million) came from the exercise of approximately 7 million options by former employees and directors at prices ranging from C$0.28 to $0.52. Approximately C$7.3 million (US$5.7 million) in proceeds came from the exercise of warrants from its public offering in November 2016 in which 34.8 million units, consisting of one common share and one common share purchase warrant with an exercise price of C$0.52 per share were placed. The majority of those warrants remained unexercised until recently. From November 2, 2016 through September 30, 2020 only 2.8 million had been exercised. Since the beginning of Q4 2020, warrant holders have exercised approximately 14 million of the 32 million warrants outstanding, with approximately 18 million still unexercised. The Company believes that the outstanding warrants are held mainly by Canadian investors. If fully exercised, the remaining warrants would result in proceeds of approximately C$9.4 million (US$7.3 million) being realized by the Company. If unexercised, the warrants will expire on November 2, 2021.

Warrants Associated with Convertible Debentures
The Company also issued warrants in connection with its private placement of 2-year Convertible Debentures (the “Debentures”) in the period April through September 2019. Holders of the Debentures have the option of redeeming for cash or converting into units consisting of one common share and one common share purchase warrant. The common share purchase warrant forming a part of such unit has an exercise price of C$0.50 per share. Approximately C$5 million (US$3.75 million) worth of the Debentures were issued representing approximately 12.5 million warrants that would be issuable upon conversion into units. Since being issued, the Company’s debt has been reduced by C$750,000 resulting in the issuance of 1.875 million shares and an equal number of warrants. Assuming all of the remaining Debentures are converted and the associated warrants exercised, the remainder of the Company’s debt would be extinguished, and it would issue an additional 10.6 million units. Upon exercise of the associated warrants, the Company would receive an additional C$5.3 million (US$4.1 million).   Depending on the purchase date, holders of the Debentures have between approximately 2 and 7 months remaining from the date of this press release to convert or redeem the Convertible Debentures.

Special Meeting
The Company clarified its intention for the Special Meeting to be held on Friday, February 19, 2021, which is being held for the sole purpose of seeking authorization from the Company’s shareholders to amend the articles of the Company to enable the Board of Directors to consolidate the total outstanding shares within a certain range. The proposed range, to be effected if, as and when the Board of Directors determines within its sole discretion to do so, is on the basis of one post-Consolidation Common Share for a number of pre-Consolidation Common Shares of between two and 14. Thomas Mika, Executive Vice President and Chief Financial Officer, made the following statement: “The purpose of seeking authorization from the shareholders for a consolidation is both to enable an additional listing on the NASDAQ Capital Market and to offer a combination of share price and total shares outstanding that meets or exceeds the minimum requirements of some of the larger institutional investors in the United States and Canada. The Board of Directors intends to consolidate shares only in connection with the additional listing and to do so only when the timing is appropriate, both internally and when market conditions allow. We cannot predict when conditions may be appropriate so we cannot say for certain when a consolidation may be implemented. Until then, we intend to continue to be listed on the TSX Venture Exchange (the “TSXV”) in Canada and on the OTCQX in the United States. So far, we are pleased to say that we have received overwhelming support for the resolution that will be voted on Friday.”

The authority of the Board to consolidate the shares in its sole discretion is conditional upon the prior approval of the Company’s shareholders and the TSXV. If approved by the Company’s shareholders and the TSXV, the consolidation would take place upon a decision by the Company’s Board of Directors within the proposed range agreed to by the shareholders following approval.

The Company will hold its Special Meeting virtually at 1:00pm EST on February 19, 2021 via the LUMI Meeting platform. A Management Information Circular in respect of the meeting has been mailed to shareholders and is available under the profile of the Company on SEDAR. Only registered shareholders, or shareholders with control numbers will be able to attend. No presentation by company management will be conducted and questions will be limited solely to the formal business of the meeting.

The Company also reported that its Total Shares Outstanding increased in recent weeks to 332,338,897 as a result of the successful closing of a brokered private placement, warrants and stock options exercised since October 1, 2020 which added approximately C$24 million (US$18.8 million) to the Company’s cash balance.

Read More: https://agoracom.com/ir/POETTechnologies/forums/discussion/topics/755490-poet-technologies-reports-on-financing-activities-ahead-of-friday-s-special-meeting/messages/2303995#message