Poet Technologies signs manufacturing agreement with Globetronics in Malaysia

POET Technologies (POET) “announced that it has signed a Master Agreement, an Optical Engine Purchase Agreement and a Deed of Consignment with Globetronics Manufacturing Sdn. Bhd to manufacture optical engines for POET in Penang, Malaysia. POET also today provided an update on the announced acquisition of the minority equity interest of its existing joint venture in China, Super Photonics Xiamen, SPX, and its recently announced public offering. POET has engaged GMSB to assemble and test Optical Engines based on designs made exclusively by POET. The Deed of Consignment relates to a suite of wafer-level process equipment recently purchased by POET that is being installed at the GMSB facility in Penang. Concurrent with the Deed and a Purchase Agreement, the Parties entered into a Master Agreement, covering a period of three years, which governs the overall relationship between the Parties. POET and GMSB have prepared an initial project plan and statement of work for the installation and start-up of the consigned tools, the costs for which will be absorbed by POET. POET will submit purchase orders under the Optical Engine Purchase Agreement, with pricing to be based on specific optical engine types. Globetronics Technology Berhad has allocated RM7.7 million (approximately $1.7M) for additional capital expenditures in connection with manufacturing optical engines for POET over the 2025-2027 period. Separately, and further to the Corporation’s November 25, 2024 announcement of a binding Memorandum of Understanding with Quanzhou Sanan Optical Communication Technology Co., Ltd. to transfer to POET its 24.8% stake in the joint venture SPX, along with all the production equipment previously leased by SAIC to SPX, POET is pleased to confirm that the parties expect to shortly conclude their ongoing negotiations and that binding definitive agreements are expected to be signed by December 31, 2024. As a further update to the Corporation’s public offering announced on December 12, 2024, POET is pleased to confirm that the $25M offering has been fully subscribed by a single institutional investor.”