POET Technologies Inc. (POET) shares tumbled 46.49 percent to $8.08, down $7.02 on Monday, after announcing the cancellation of key purchase orders tied to customer relationship.
The stock is currently trading at $8.08, compared to a previous close of $15.10 on the Nasdaq. It recorded an intraday high of $10.42 and a low of $8.05, with heavy trading volume of 77.68 million shares.
The company disclosed that all purchase orders from Celestial AI have been canceled following written notice from Marvell Technology, Inc., which had acquired Celestial AI. The cancellation was attributed to alleged breaches of confidentiality obligations related to disclosures about the orders and shipping details.
The stock's 52-week range is $3.78 to $15.50.
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