POET -: Second Quarter and Recent Business Highlights: The Company announced a major design win with Foxconn Interconnect Technology (FIT) to supply 800G and 1.6T optical engines for FIT pluggable modules that address the growth in demand for cutting-edge AI applications and high-speed data center networks. FIT’s parent, Foxconn, is the world’s largest electronics contract manufacturer and a major supplier of components and assemblies. Based on the exceptional performance of modules incorporating POET’s high-speed optical engines, Luxshare Tech, a preferred supplier to Apple, announced that it is expanding its portfolio of optical modules targeted at AI networks using POET’s optical engines. POET was selected as winner of the “Best Optical AI Solution” award in the seventh annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market today. During the second quarter, the Company raised $15 million in equity capital in two non-brokered private placements with two institutional investors by issuing 6,706,665 Units at an average price of $2.24 per Unit. Each Unit consists of one common share and one common share purchase warrant with each warrant exercisable into one common share for a period of five years from the issue date at $3.20 per share. Through the use of its ATM facility during the month of April 2024, the Company raised gross proceeds of $7,447,000 from the issuance of 4,592,739 common shares at an average price of $1.62 per common share. Subsequent to the end of the quarter, the Company raised an additional $10 million in a non-brokered registered direct offering to a single institutional investor by issuing 3,333,334 Units at $3.00 per Unit. Each Unit consists of one common share and one common share purchase warrant with each warrant exercisable into one common share for a period of five years from the issue date at $4.00 per share. The Company’s cash balance as of June 30, 2024 was $21.3 million; as of July 31, 2024, the Company had cash and cash equivalents of approximately $28.7 million and working capital of $27 million. There are 65,596,234 issued and outstanding common shares. Management Comments “We are gratified to have been chosen to supply our advanced high-speed integrated optical engine chips to two of the world’s largest producers of electronic and photonic components and systems serving the leading AI networks and AI network service providers," said Dr. Suresh Venkatesan, Chairman & CEO. "We are also grateful to investors who share our confidence and optimism over the future of our Company. By raising the amount of capital that we have in the past few months, we have significantly lowered the risk to achieving sustainable revenues. Further, we were honored to be recognized by AI Breakthrough, a top market intelligence organization, as the winner of the ‘Best Optical AI Solution for 2024’. This accolade not only highlights our innovative efforts but also affirms that we are on the right track both technologically and commercially."
Watching->BVNRY Bavarian Nordic A/S-- slow recovery all day-- $12.39-1.22(-8.96%)3:03 PM 08/15/24 Pink Limited Info |$USD |Delayed
You belong to us now- This rather startling military maneuver by Ukraine sets them up to trade land for land. and prisoner for prisoner. Putin has been caught with his pants down.