POET reschedules shareholder meeting to allow more time for internal approvals of DenseLight sale

POET Technologies Inc of Toronto, Canada and San Jose, CA, USA — a designer and manufacturer of optoelectronic devices, including light sources, passive waveguides and photonic integrated circuits (PIC) for the sensing and datacom markets — has changed the meeting date for its annual and special meeting of shareholders.

A revised notice of the meeting date, now set for 20 September (at 10am Eastern Time at Vantage Venues 150 King Street West, 27th Floor, Toronto), has been provided to the relevant intermediaries by transfer agent TSX Trust. The extension is intended to allow the firm and the buyer of POET’s DenseLight subsidiary the time to secure all necessary internal approvals, except the required approval of POET’s shareholders.

The record date for the meeting (the date on which those holding POET’s common stock as of the close of business will be entitled to vote in person or by proxy at the meeting) has also been changed to 9 August. Representatives of the buyer of DenseLight intend to be present at the meeting.

“We have made good progress on the drafting of a definitive share sale agreement and both parties have confirmed an expected closing date on or before 31 October, a change from our previous indication of 15 September,” says chief financial officer Thomas Mika. “We have postponed the shareholder meeting in order to provide that all necessary approvals on the part of the buyer will have been secured by mid to late August. This would allow us to include in the management information circular an agreement signed by both parties that is contingent solely on approval by POET’s shareholders.”

At the meeting, in addition to the election of directors and the ratification of the appointment of auditors, POET’s shareholders are expected to be asked to approve a resolution related to the proposed sale of its DenseLight subsidiary. A relevant management information circular will be made available to shareholders of record as of the record date prior to the meeting. The meeting date and location are subject to further postponement or change at POET’s discretion.

See related items:

POET announces bridge financing exceeding needs till DenseLight sale

POET receives US$26–30m offer for DenseLight subsidiary

POET completes acquisition of DenseLight

Tags: POET

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