The shares of POET Technologies (NASDAQ:POET) started trading on the Nasdaq today. Based in Canada, POET has developed a platform that enables “electronic and photonic devices” to be unified “into a single multi-chip module.” The platform is called the POET Optical Interposer.
Here are seven other things that investors should know about POET Technologies and POET stock:
7 Things to Know About the POET Stock IPO
- POET says that its platform allows firms to avoid buying expensive equipment and performing multiple, labor-intensive steps.
- According to the company, “Artificial Intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data center” are among the systems that can use its modules.
- Its headquarters are in Toronto, but it also has facilities in Pennsylvania, China and Singapore.
- On Nov. 23, POET reported that its third-quarter net loss was $3.5 million.
- Its other income in Q3 included $208,000 in interest.
- The company also reported that it shipped its first “100G Transmit (Tx) Optical Engine sample to a leading European optical systems company.”
- Lastly, the company ended Q3 with cash and cash equivalents of $20.3 million.
The Bottom Line
Before today, POET traded on the OTCQX exchange as part of the over-the-counter market. After its Nasdaq IPO it will continue to trade in the U.S. and Canada.
So what makes this an interesting company to watch? Well, its platform supports cloud service providers, data centers, telecom firms and various automotive companies. According to Benzinga, this means that high semiconductor prices could lift demand for the POET platform.
Perhaps as evidence of this, on Feb. 10, POET announced that it would provide modules and other platform services to Celestial AI. POET described Celestial AI as “an Artificial Intelligence accelerator company that has a proprietary technology platform which enables the next generation of high-performance computing solutions.” POET did not divulge the amount of revenue that it would obtain from the deal.
In late morning trading today, POET stock was down 18% trading for $8.97.
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On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.