POET Technologies (POET) Goes Aggressive on Expansion, Jumps 13%

POET Technologies Inc. (NASDAQ:POET) is one of the 10 Stocks With Insane Returns Right Now.

POET Technologies snapped a three-day losing streak on Wednesday, climbing 13.08 percent to close at $14.78 apiece, after announcing an aggressive plan to expand its wafer manufacturing capabilities by 10x by 2027.

In an updated report, POET Technologies Inc. (NASDAQ:POET) said that it is currently in the process of expanding capacity “by roughly tenfold” in both wafer production and optical engine assembly.

Photo from POET Technologies website

“This expansion is being driven by the agreement we announced last week with Lumilens, as well as other high-volume opportunities that are near fruition. In parallel with our manufacturing scale-up, we have accelerated the hiring of engineering, technical, and management talent, bringing our total headcount to more than 115 globally.  We have also expanded our Singapore lab and office footprint by nearly three times compared to last year and now have 20,000 square feet of assembly space in Malaysia,” POET Technologies Inc. (NASDAQ:POET) Chairman and CEO Suresh Venkatesan.

The company recently bagged a new supply deal with Lumilens Inc. with the potential to generate $500 million in revenues over the next five years.

It is also setting its sights on acquiring and partnering with companies that could help strengthen its engineering capabilities, broaden its product portfolio, and enhance strategic technologies and components.

In line with the expansion plan, POET Technologies Inc. (NASDAQ:POET) earlier this week successfully raised $400 million in fresh funds from the sale of over 19 million common shares and warrants exercisable for the same size, to a single institutional investor. The shares were priced at $21 apiece, while the warrants are exercisable at $26.25 each, or a 25 percent premium over the selling price of the shares.

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