Shares of POET Technologies Inc (NASDAQ:POET) are trading higher Wednesday after the company announced the closing of a $75 million private placement with a single institutional investor. Here’s what investors need to know.
What To Know: POET shares soared on Tuesday after the private placement was announced as the financing sparked speculation on social media that the company could announce an investment from a prominent AI player.
The deal, the largest single investment in POET’s history, was for gross proceeds of $75 million. The company issued 13,636,364 common shares along with an equal number of purchase warrants to a single institutional investor that wasn’t disclosed.
The combined price was $5.50 per unit, with each unit consisting of one common share and one warrant. The warrants are exercisable at a price of $9.78 per share and expire on Oct. 7, 2030.
POET Technologies intends to use the net proceeds to fund corporate development, including potential acquisitions and the scaling of its R&D and operations. The capital injection is aimed at accelerating the company’s growth in the AI hardware solutions market.
Benzinga Edge Rankings: Highlighting its recent performance, the stock boasts a strong Momentum score of 92.75, according to Benzinga Edge Rankings. Momentum from the private placement announcement appears to have carried into Wednesday’s session.
POET Price Action: POET Technologies shares were up 5.33% at $8.30 at the time of publication Wednesday, according to Benzinga Pro.
Read Also: IREN Shares Are Sliding Today: What’s Going On?
How To Buy POET Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in POET Technologies’ case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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