04:36 PM EST, 12/23/2024 (MT Newswires) -- POET Technologies ( POET ) was at last look up 0.6% in US after trade Monday -- having risen 2% in regular trade in both Canada and the U.S. -- on news that it has signed several agreements with Globetronics Manufacturing Sdn. Bhd. to manufacture optical engines in Penang, Malaysia.

These include a master agreement, an optical engine purchase agreement, and a deed of consignment, the company added.

POET will provide the Malaysian firm with equipment for assembling and testing optical engines based on POET's designs. The agreements span three years, with POET covering the costs for equipment installation. Globetronics has allocated about US$1.7 million for capital expenses related to the manufacturing of optical engines for POET from 2025 to 2027.

In a separate update, POET confirmed that it is close to finalizing its acquisition of a 24.8% stake in its joint venture in China, Super Photonics Xiamen, from Quanzhou Sanan Optical Communication Technology. The transaction is set to be completed by Dec. 31.