POET Technologies soars to 3-year high after record $75M fundraise

POET Technologies (NASDAQ:POET [https://seekingalpha.com/symbol/POET]) shares jumped nearly 13% premarket following the closing of a record $75 million fundraise.

The company said it raised the funds by selling 13.6 million shares in a private placement, its largest single investment to date, sending shares of the optical chipmaker up 23.5% on Tuesday to their highest level since March 2022.

The corporation plans to use the net proceeds from this investment for corporate development, including targeted acquisitions, scaling up of R&D, acceleration of the light source business, expanding operations, and general working capital.

"With a war chest of over $150 million in cash and no significant debt, we are now able to scale up our own growth ambitions in the market for advanced AI hardware solutions," POET CEO Suresh Venkatesan said in the press release [https://seekingalpha.com/pr/20257432-poet-technologies-announces-closing-of-us-75-million-investment-to-accelerate-growth-in-ai].

POET Technologies (NASDAQ:POET [https://seekingalpha.com/symbol/POET]) shares have surged over 32% so far this year. On Stocktwits, retail sentiment toward POET stock surged deeper into the “extremely bullish” zone at 91/100, up from the previous day, while message volume spiked to “extremely high” from “high.”

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