05:11 PM EST, 11/26/2024 (MT Newswires) -- POET Technologies ( POET ) was down 3.2% in after-hours Nasdaq trading after the company after trade on Tuesday said it plans to raise US$25 million in a registered direct offering of share units.

The optical-technologies company said it will place 5.56-million units in the offering, with each priced at US$4.50 and made up of a share and one half of a five-year warrant to buy a second share of US$6.00.

The company plans to use the net proceeds for working capital, specifically to expand assembly operations into Malaysia, and for other corporate purposes.

The offering is expected to close on Dec.3, 2024, subject to regulatory approvals and customary closing conditions.

POET shares were last seen down US$0.16 to US$4.90 after hours. They closed up $1.20 to $7.12 on the TSX Venture Exchange.