19 February 2020
POET receives Tranche 2a payment of US$4.75m from DenseLight buyer
POET Technologies Inc of Toronto, Ontario, Canada — designer and developer of the POET Optical Interposer and photonic integrated circuits (PICs) for the data-center and telecom markets — says that, despite the recent business interruptions in China resulting from the COVID-19 virus, it has received the scheduled Tranche 2a payment of US$4.75m from the buyer of its Singapore-based subsidiary DenseLight Semiconductors Pte Ltd. POET has hence initiated the transfer of an additional 19% of DenseLight shares from escrow to the buyer (bringing the total to 49%).
It also confirmed that the Tranche 2b payment of US$8.25m, which will transfer an additional 32% of shares (making a total of 81%) is on track to be paid by the end of March.
Additionally, POET has announced the planned opening on 1 April of an office and lab in Allentown, PA, USA. Concurrently, it has taken the required actions to close its office in San Jose, CA.