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POETF

Poet Technologies

$0.00 /

+ (+0.00%)

08:26
02/19/20
02/19
08:26
02/19/20
08:26

Poet Technologies confirms receipt of scheduled payment

POET Technologies 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 2a payment of $4.75M, despite the recent business interruptions in China resulting from COVID-19. The Company has initiated the transfer of an additional 19% of DenseLight shares from escrow to the Buyer. It also confirmed that the 2b payment of $8.25M, which will transfer an additional 32% to the Buyer is on track to be paid by the end of March 2020. In connection with his appointment as Lead Independent Director in November 2019, the Board of Directors granted Peter Charbonneau options to purchase 35,488 common shares of the Company. The options are exercisable for 10 years at a price of C$0.42, being the closing price of the Company's common stock on Wednesday, February 5, 2020. 25% of the options will vest immediately, with the remaining options vesting quarterly through October 2020. All the options were granted subject to provisions of the Company's stock option plan and are subject to the TSX Venture Exchange policies and applicable securities laws. For further details on the Company's share capital, refer to the Company's Financial Statements and MD&A for the period ended September 30, 2019, which were filed on SEDAR on November 21, 2019. Additionally, POET announced the planned opening of an office and lab in Allentown, Pennsylvania on April 1, 2020. Concurrently, the Company has taken the required actions to close its office in San Jose, California.

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