- Poet Technologies (TSXV:PTK) reveals it will delist its shares from the TSX Venture Exchange
- The company plans to submit its application shortly, while delisting will be subject to the TSXV’s approval
- Poet Technologies will continue to list its shares on the NASDAQ Capital Market
- Shares of Poet Technologies are down 1.95 per cent to C$5.52 as of 10:59 a.m. ET.
Poet Technologies (TSXV:PTK) reveals it will delist its shares from the TSX Venture Exchange, subject to approval to approval from the exchange.
In a press release, the company stated that it plans to submit an application to delist its shares shortly and that its shares will continue to be listed on the NASDAQ under ticker symbol ‘POET.’
Poet Technologies stated that the low trading volume on the TSXV no longer aligns with the company’s future capital markets strategy, prompting the decision to discontinue listing its shares on the exchange and that listing its shares on the NASDAQ represents most of its trading volume.
The move by the company to delist its shares from the TSXV comes following the release of its recent Q3 2024 financials.
During the quarter, Poet Technologies raised $25 million in equity capital in two non-brokered private placements with two institutional investors by issuing 7.33 million shares at a weighted average price of $3.41 each.
“We are very proud of the progress POET has made this quarter, particularly with strategic partnerships and customers that strengthen our position in the AI networking markets that are experiencing explosive growth,” Dr. Suresh Venkatesan, CEO of Poet Technologies, said in a news release. “We expanded our business with Luxshare Tech, acquired a new customer in Mentech and engaged with Mitsubishi Electric in a groundbreaking project that promises to upend the market for high-end transceivers serving AI clusters.”
Venkatesan noted that the capital raised from institutional investors has strengthened the company’s financial position, allowing it to advance its innovation efforts
Poet Technologies, based in Toronto, Ont.,, provides high-speed optical engines, light source products, and custom optical modules for the artificial intelligence systems market and hyperscale data centres.
Shares of Poet Technologies are down 1.95 per cent to C$5.52 as of 10:59 a.m. ET.
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