Aiming to become the global leader in chip-scale photonic solutions by deploying Optical Interposer technology to enable the seamless integration of electronics and photonics for a broad range of vertical market applications

Free
Message: POET Technologies Confirms Receipt of Scheduled Payment

ORONTO, March 30, 2020 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (OTCQX: POETF; TSX Venture: PTK), the designer and developer of the POET Optical Interposer and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, today confirmed that it had received a scheduled payment from the Buyer of DenseLight.

In connection with the sale of DenseLight, its Singapore-based subsidiary, POET confirmed that it had received the scheduled Tranche 2b payment of US$8.25 million, despite the recent business interruptions in China resulting from COVID-19. The Company has 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$5.00 million for the remaining 19% would be made by the end of May 2020.

Share
New Message
Please login to post a reply