POET’s shareholders approve sale of DenseLight subsidiary

POET Technologies Inc of Toronto, Ontario, 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 — says that its shareholders have approved the sale of subsidiary DenseLight Semiconductors Pte Ltd to DenseLight Semiconductor Technology (Shanghai) Co Ltd (DL Shanghai), a special-purpose company organized by China Prosper Group on behalf of investors.

DL Shanghai was established to acquire the capital stock of DenseLight from POET for US$28m. The lead shareholders in DL Shanghai are Dynax Semiconductors (Suzhou Nengxun High Energy Semiconductor Co), one of Dynax’s major shareholders, the Suzhou Xiang Cheng District Investment Fund and a developer and manufacturer of gallium arsenide (GaAs)-based fiber lasers and optical passive devices for high-powered lasers. Other shareholders include established funds and investors in the technology and communications industry in China. Dynax is said to be China’s leading developer of gallium nitride (GaN)-based electronic devices for RF microwave and industrial control in 5G mobile communication and broadband communication.

At POET’s Special Meeting of Shareholders on 24 October, 99.78% of total votes submitted either in person or represented by proxy at the Special Meeting (in accordance with the requirements of the TSX Venture Exchange) were in support of the resolution approving the sale. The firm plans to file and make the report of voting results available on SEDAR.

Pursuant to the terms of the transaction under the share sale agreement and pending the satisfaction of all other conditions of closing, POET intends to announce the completion of the transaction upon its closing.

See related items:

POET agrees sale of DenseLight for $28m to Dynax-led concern

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

POET announces bridge financing exceeding needs till DenseLight sale

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

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