POET Technologies (TSXV:PTK), a designer, developer and manufacturer of optoelectronic devices including light sources, passive wave guides and Photonic Integrated Circuits (PIC) provided an update on the company’s business, technology and product development activities. The company’s special and annual meeting was held in San Jose, California on June 21. As quoted in the press release: …
POET Technologies (TSXV:PTK), a designer, developer and manufacturer of optoelectronic devices including light sources, passive wave guides and Photonic Integrated Circuits (PIC) provided an update on the company’s business, technology and product development activities.
The company’s special and annual meeting was held in San Jose, California on June 21.
As quoted in the press release:
Highlights from the Business Update
- Established a development and manufacturing agreement with SilTerra Malaysia, providing favorable economics for production of the POET Optical Interposer;
- Transitioned dielectric waveguide process technology from a development lab to its own equipment in the SilTerra foundry to enable a seamless high-volume manufacturing ramp;
- Signed a memorandum of understanding with Accelink, as a lead customer and development partner for Datacom and Telecom applications;
- Successfully demonstrated 100Gbps Quad-PIN receivers for use with the POET Optical Interposer;
- Announced a collaboration with Almae Technologies for the joint development, manufacturing and sales a series of laser modules based on the POET Optical Interposer platform for high-speed data communication applications;
- Continued progress on technology and product development, including process flows and production tools for 8” interposer wafers as well as validation of advanced packaging and assembly process; and
- Provided a detailed overview of the POET Optical Interposer platform, its unique competitive differentiators, market opportunity and size, as well as the significant cost benefits for transceiver manufacturers.
At the AGM, POET Technologies’ shareholders approved the following proposals:
- To set the number of directors at eight;
- Re-election of the current directors, with no director receiving less than 91% of the votes cast;
- Re-appointment of Marcum LLP as Auditors of the Company; and
- Amendment to the Company’s incentive stock option plan to increase the number of shares reserved for issuance under the plan to 57,611,360, which number includes shares issuable under all prior plans.
At the meeting of the Board of Directors immediately following the AGM, as part of the Company’s incentive stock option grant program, options were granted to non-management directors of the Company to purchase up to an aggregate of 2,527,000 common shares, representing approximately 0.88% of the outstanding shares of the Company. In addition, a total of 135,000 options were granted to employees and consultants.
The options are exercisable for 10 years at a price of CAD$0.33 (US$0.25) being the closing price of the Company’s shares on June 20, 2018. The directors’ options vest quarterly in arrears over the one year of service as a director until the next Annual General Meeting. All other options granted to employees and consultants vest 25% on the first anniversary of the grant and the balance vests quarterly over a further three-year period thereafter. The grant to the directors represents the option portion of directors’ fees for the 12-month period beginning June 21, 2018.