10:52 AM EST, 11/25/2024 (MT Newswires) -- POET Technologies ( POET ) said Monday it plans to expand its optical engine production capacity in Malaysia and has signed a deal to assume control of its Super Photonics Xiamen joint venture with Quanzhou Sanan Optical Communication Technology.

Under the binding memorandum of understanding between the companies, Quanzhou Sanan will transfer its roughly 25% stake in the joint venture to POET Technologies ( POET ), along with all the production equipment previously leased by Quanzhou Sanan to Super Photonics. Super Photonics will become a 100%-owned unit of POET Technologies ( POET ) following closing. The company said it expects to sign definitive agreements with respect to the deal by the end of November.

POET Technologies ( POET ) also said it has been negotiating with several contract manufacturers in Malaysia to become "the focal point" for its wafer-scale assembly of optical engines. It expects to sign an agreement later this month and to start operations by the end of 2024.

POET Technologies ( POET ) signed a deal with 1123963 B.C doing business as Capitaliz ON IT to conduct market awareness and marketing services from Nov. 15 through Feb. 15. The company will pay Capitaliz $90,000 for its services.

POET Technologies ( POET ) shares were up 6.6% in recent trading.

Price: 4.28, Change: +0.27, Percent Change: +6.61