30 June 2020
POET extends exercise period for warrants from 2018 public offering
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, in connection with its public offering managed by Toronto-based Cormark Securities Inc (completed on 21 March 2018), it has extended the original two-year exercise period again, to 30 September, for a total of 12,545,350 common share purchase warrants granted to investors, all of which are exercisable at C$0.75 per share. The expiry of the warrants was previously extended from 23 March to 23 July.
All other terms and conditions of the warrants remain unchanged. The warrant extension, approved by the board of directors, has been accepted by the firm’s warrant agent TSX Trust and the TSX Venture Exchange.
“We have been alerted by investment banks and others in the financial community that the processing of transactions such as warrant conversions and stock issuances are taking longer with the COVID-19 restrictions, as many of the employees of these companies and agencies continue to work from home,” notes executive VP & chief financial officer Thomas Mika. “The purpose of this extension is to ensure that the warrant holders have enough time to complete the exercise process, should they decide to do so.”