Stock of POET Technologies Inc. (POET) is moving down about 12 percent on Thursday trading following the announcement of purchase and sale of approximately 20.7 million shares in a registered direct offering.
The company's stock is currently trading at $7.26, down 13.28 percent, over the previous close of $8.37 on the Nasdaq. It has traded between $3.09 and $9.41 in the last one year.
The company intends to use the proceeds of approximately $150 million for corporate development, including targeted acquisitions, scaling up of R&D, acceleration of its high-speed optical module and light source businesses, expanding operations, and general working capital.
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