Poet Technologies Inc (POET)

Shares of POET Technologies Inc (POET) dropped by 21.43% from $1.12 to $0.88 in the trading on Thursday, November 30, 2023. The reason why POET is down today is due to the company's announcement of a $1.4 million underwritten public offering of common shares and warrants. This offering consists of 1,600,000 common shares and accompanying warrants, with each warrant exercisable at $1.12 per common share for five years. The funds raised will be used for general working capital purposes, including expanding revenue and developing photonic modules for AI and related markets. The offering is expected to close around December 4, 2023.