POET Technologies Announces Closing of C$6.2 Million Non-Brokered Private Placement of Units and Reports Preliminary Unaudited Fiscal Fourth Quarter and Fiscal Year 2024 Results - Seite 2

In connection with the Offering, the Corporation will pay an aggregate cash finders' fee of C$43,829 to GloRes Securities Inc. and World Source Securities Inc.

Preliminary Financial Update

The Corporation is providing preliminary financial data in advance of its expected annual reporting on or before March 30, 2024.

Preliminary financial data on an unaudited basis as of December 31, 2023 are as follows (all amounts are approximate and stated in U.S. dollars):

	As of December 31, 2023
Cash and cash equivalents	$	3,000,000
Working capital	$	600,000

Preliminary financial data on an unaudited basis for the three and twelve months ended December 31, 2023 are as follows (all amounts are approximate and stated in U.S. dollars):

	Three Months			Twelve Months
Revenues	$	110,000		$	470,000
Expenses(1)	$	(5,570,000	)	$	(20,770,000	)
Net loss	$	(5,460,000	)	$	(20,300,000	)

(1) Three months and twelve months expenses include non-cash expenses of $1,700,000 and $6,200,000, respectively.

ATM Quarterly Update

During the fiscal quarter ended December 31, 2023, the Corporation did not issue any shares in its previously announced United States-only "at-the-market" offering program that was established pursuant to an equity distribution agreement dated September 1, 2023 between the Corporation and Craig-Hallum Capital Group LLC and the prospectus supplement dated September 1, 2023 to the Corporation's base prospectus dated August 18, 2023 that was included in the Corporation's U.S. registration statement on Form F-3 (File No. 333-273853) (the "Registration Statement"), which Registration Statement was declared effective by the United States Securities and Exchange Commission on August 18, 2023.