31 March 2020
POET receives Tranche 2b payment of US$8.25m 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 — has confirmed that it has received the scheduled Tranche 2b payment of US$8.25m from the buyer of its Singapore-based subsidiary DenseLight Semiconductors Pte Ltd, despite the recent business interruptions in China resulting from COVID-19 Coronavirus outbreak.
POET has therefore initiated the transfer of an additional 32% of DenseLight shares from escrow to the buyer (bringing the total to 81%).
The buyer also confirmed that the Tranche 3 payment of US$5m for the remaining 19% of DenseLight shares will be made by the end of May.