Why POET Technologies Stock Hit A New 52-Week Low Today
Portfolio Pulse from Henry Khederian
POET Technologies Inc's shares fell by 19.5% to $2.19 after the company initiated a public offering in the US and a non-brokered offering in Canada. The offerings include common shares and warrants for the purchase of common shares. Maxim Group LLC is managing the US offering. The proceeds will be used for general working capital purposes, including expanding revenue and developing photonic modules for AI and related markets.
November 02, 2023 | 3:04 pm
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POET Technologies' stock price fell after the company announced a public offering in the US and Canada. This could dilute existing shareholders' equity, leading to the stock price drop.
Public offerings often lead to a dilution of existing shareholders' equity, which can result in a drop in the stock price. In this case, POET Technologies' stock price fell by 19.5% following the announcement of the public offering.
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