POET Technologies Inc (NASDAQ:POET) shares are trading lower Thursday after the company announced a $25 million public offering.
What Happened: POET announced plans to complete a non-brokered public offering of 5 million units at a price of $5 per unit.
Each unit will be comprised of one share of common stock and one-half of one common share purchase warrant. The warrants will be exercisable for five years to acquire one common share at a price of $6.
The offering is expected to close on or about Dec. 19. POET said it anticipates gross proceeds of $25 million. The company expects to use any net proceeds for working capital and general corporate purposes.
The offering comes just weeks after POET announced a $25 million registered direct offering. The company said at the time that it planned to use net proceeds from that offering for working capital related to POET's recently announced plans to expand assembly operations into Malaysia.
POET Technologies offers high-speed optical engines, light source products and custom optical modules to the AI systems market and to hyperscale data centers.
POET Price Action: POET shares were down 9.25% at $4.36 at the time of publication Thursday, according to Benzinga Pro.
Photo: courtesy of POET Technologies.