13 May 2016

POET completes acquisition of DenseLight

POET Technologies Inc of San Jose, CA, USA — which has developed the proprietary planar optoelectronic technology (POET) platform for monolithic fabrication of integrated III-V-based electronic and optical devices on a single semiconductor wafer — has completed its acquisition of Singapore-based DenseLight Semiconductors Pte Ltd, a privately held designer and manufacturer of photonic sensing and optical light source products for the communications, medical, instrumentations, industrial, defense and security industries.

In accordance with the terms of the share purchase agreement announced on 28 April, DenseLight shareholders will be issued about 16 million common shares of POET. Additionally, about 1.3 million POET shares will be issued (subject to monetary exchange rate adjustment at the time of issuance) to DenseLight shareholders in the event that DenseLight meets or exceeds a pre-determined revenue target during 2016.

"Our combined capabilities will drive continued opportunities in serving the growing photonics market, with a comprehensive suite of product solutions, while strengthening the company's finances and operations," believes POET's CEO Dr Suresh Venkatesan. "With the strong support of the DenseLight management team, we have already begun to map our integration plans for the combined entity with a goal of achieving profitable and sustainable growth targets."

POET plans to provide additional information on the close of the transaction during its investors' town hall meeting on 17 May. Due to overwhelming support for the town hall meeting, the venue has been changed to the Rainy Lake Room, WaterPark Place, 20 Bay Street, 11th Floor, Toronto, ON M5J 2N8, Canada.

See related items:

POET to acquire Singapore-based opto device maker DenseLight

Tags: POET

Visit: www.poet-technologies.com

Visit: www.denselight.com