POET Technologies Upsizes Non-Brokered Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Jan. 22, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Corporation") (TSXV:PTK, NASDAQ:POET) today announces that, in response to additional interest in its non-brokered private placement previously-announced and described in the Corporation’s news releases of December 11, 2023 and January 16, 2024 (as amended, the "Offering"), the Offering will be upsized. The Offering will now consist of up to 5,100,000 units of the Corporation (the "Units") at a price of C$1.22 (US$0.90) per Unit for aggregate gross proceeds of up to approximately C$6,222,000 million (US$4,590,000 million).

The terms of the Offering are otherwise unchanged from those previously announced. Each Unit will be comprised of one common share in the capital of the Corporation (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional common share of the Corporation (each, a "Warrant Share") at a price of C$1.52 (US$1.12) per Warrant Share for a period of five years following the date of issuance of such Warrant. The net proceeds of the Offering are expected to be used for general corporate purposes, including revenue expansion and the development and production of photonic modules for AI and related markets.

The Offering is subject to regulatory approvals, including final approval of the TSX Venture Exchange. The securities issued pursuant to the Offering will be subject to applicable hold periods, including the typical four month hold period from the date of closing of the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.