POET Technologies Inc POET shares are trading lower by 19.5% to $2.19 Thursday morning after the company initiated a public offering in the United States and a non-brokered offering in Canada.

What Happened?

These offerings include common shares and warrants for the purchase of common shares, subject to market conditions. The company may grant the underwriter a 45-day option for additional shares and warrants in the U.S. offering.

Maxim Group LLC is the sole book-running manager for the U.S. Offering. The proceeds, if the offering is completed, will be used for general working capital purposes, including expanding revenue and developing photonic modules for AI and related markets.

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According to data from Benzinga Pro, POET has a 52-week high of $6.23 and a 52-week low of $2.10.