"POET currently intends to use the net proceeds from the Offering, if completed, for general working capital purposes, including revenue expansion and the development and production of photonic modules for AI and related markets."

Please, lead with what matters to investors, production for customers. 

How about,

"POET intends to use proceeds from the offering for production of photonic modules to fulfill initial orders for AI and related markets, ongoing product development and general working capital purposes."

And why the "if completed" contingency? What constitutes completion, and what if it's not completed? Why bring this into question?

Not going to get started into how we got here and accountability, need to see whether it's the other shoe that drops, or an anvil.