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

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POET Technologies Announces Special Meeting of Shareholders
Tuesday, January 12, 2021 01:00:00 PM (GMT)

TORONTO, Jan. 12, 2021 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Company") (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, announces its intention to hold a Special Meeting of Shareholders on Friday, February 19, 2021.  The Company has set the Record Date for the Special Meeting at January 19, 2021.

The purpose of the Special Meeting is to seek authorization from the Company’s shareholders to enable the Board of Directors, within its sole discretion, to consolidate the Company's issued and outstanding common shares on the basis of a ratio to be determined from within a range of ratios that will be proposed at the Special Meeting.  Additional information, including the time and instructions for virtually accessing and voting at the Special Meeting will be provided at a later date.

The decision to seek authorization from the Shareholders for a share consolidation was taken by the Board of Directors after careful consideration of a number of factors, including access to US institutional investors, prospective broadening of US-based investor interest in the Company, and if required, the structuring of potential future financings. In addition, the Board of Directors is of the opinion that the reduced number of Common Shares may better position the Company for a potential future listing on a senior stock exchange.

The ratio determined for any consolidation, if implemented, will be applied to all shareholdings equally. Securities convertible or exercisable for Common Shares that are outstanding on the effective date of the consolidation will be adjusted to give effect to the consolidation (as applicable) in accordance with their terms. No fractional Common Shares would be issued as a result of the consolidation. All fractions of post-consolidation Common Shares would be rounded down to the nearest whole number. The exact number of Common Shares outstanding after the consolidation will vary based on the elimination of fractional shares.

The authority of the Board to consolidate the shares in its sole discretion is conditional upon the prior approval of the Company's shareholders and the TSX Venture Exchange (the "TSXV"). If approved by the Company's shareholders and the TSXV, the consolidation would take place upon a decision by the Company’s Board of Directors within the proposed range agreed to by the shareholders following approval. Specific details will be provided by the Company at a later date. A Management Information Circular for the upcoming Special Meeting will be mailed to shareholders and filed by the Company on SEDAR.

 

The Company also reported that its Total Shares Outstanding increased in recent weeks to 303,875,813 as a result of convertible debenture conversions, warrant and stock option exercises which added approximately C$3,680,000 (US$2,875,000) to the Company’s cash balance.

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