01:33 PM EDT, 05/03/2024 (MT Newswires) -- POET Technologies ( POET ) was at last look down near 12% mid-Friday afternoon amid news that it raised C$10 million after closing its non-brokered financing with a single institutional investor.

A statement noted the company sold about 3.26 million units, consisting of about 3.26 million common shares and warrants to purchase up to 3.26 million common shares of POET, at a combined price of $3.069 per common share and accompanying warrant. It also noted each warrant has an exercise price of $4.26 per common share and is exercisable for five years from today's closing date.

POET plans to use the proceeds for general working capital purposes aimed at supporting a "significant" growth phase for the company. The company said it is "currently experiencing strong demand" for its proprietary optical engine technology that powers 800G and 1.6T high-speed optical modules for AI processing clusters and light sources for advanced chip-to-chip light-based data communications and high-speed computing.

Price: 2.94, Change: -0.29, Percent Change: -8.98