POET closes DenseLight acquisition
POET Technologies, a developer of opto-electronics fab processes, has completion its previously announced acquisition of DenseLight Semiconductors, a Singapore-based manufacturer of photonic sensing and optical light source products.
The DenseLight shareholders will be issued approximately 16 million common shares of POET. Additionally, approximately 1.3 million POET Shares will be issued, subject to monetary exchange rate adjustment at the time of issue, to the DenseLight shareholders in the event that DenseLight meets or exceeds a pre-determined revenue target during calendar 2016.
"We are excited that DenseLight Semiconductors is now a part of the POET family", said Suresh Venkatesan, CEO of POET Technologies.
"We believe that 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. 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."
The company plans to provide additional information on the close of the transaction during its investors' meeting on May 17, 2016, which will be live webcast. Expected topics to be covered include POET's strategic, development and commercialisation initiatives.
