The Company’s VP Finance and Administration,
After completing the formal business of the Meeting, the Company’s Chief Executive Officer, Dr.
AGSM Voting Results
A detailed Report on Voting Results of the AGSM is attached to this press release. In summary, the shareholders of the Company approved the following proposals:
- Re-election of
Suresh Venkatesan ,Jean-Louis Malinge ,Theresa Lan Ende ,Glen Riley and Chris Tsiofas as directors, with no director receiving less than 84% of the votes cast; - Appointment of
Davidson & Company LLP as the Company’s auditors by 98% of the votes cast; - Approval by 74% of the votes cast to amend the terms of certain stock options held by insiders of the Corporation;
- Approval of the Corporation’s omnibus equity incentive plan by 86% of the votes cast, which included an increase in the number of stock options awards available to 12,218,458, representing 20% of the 61,092,291 commons shares issued and outstanding at the time of the vote. A copy of omnibus equity incentive plan as approved will be available under the Company's issuer profile on SEDAR+ (www.sedarplus.ca).
Option Grants
Following the AGSM, the POET Board of Directors met to elect officers and to discuss option grants for directors, officers and employees. For their service on the Board of Directors until the next Annual General Meeting, the directors were granted a total of 277,659 options which will vest quarterly in arrears over the next year. The balance of each members compensation is paid in cash over four quarters in accordance with the established formula for member compensation. Following the recommendation of the Compensation Committee, the Board also granted to certain officers a total of 630,000 options and granted an additional 750,000 options to certain employees. The officer and employee options are subject to a four-year vesting, in which 25% vest on the first anniversary of the grant and the remaining 75% vest quarterly over the remaining three years. The director, officer and employee options are exercisable for 10 years at a price of
About
POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET's Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained "Edge" computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in
Media Relations Contact: Adrian.brijbassi@poet.tech | Company Contact: tm@poet.tech |
Forward-Looking Statements
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the size, future growth and needs of Artificial Intelligence network suppliers, management’s expectations regarding the success and timing for completion of its development efforts, the introduction of new products, financing activities, future growth, recruitment of personnel, plans for and completion of projects by the Company’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, lack of sales in its products, lack of sales by its customers to end-users, operational risks in the completion of the Company’s projects, risks affecting the Company’s ability to complete its products, the ability of the Company to generate sales for its products, the ability of its customers to generate sales for products that incorporate the Company’s products, the ability to attract key personnel, and the ability to raise additional capital when needed. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Neither
REPORT OF VOTING RESULTS
In accordance with section 11.3 of National Instrument 51-102 – Continuous Disclosure Obligations, this report briefly describes the matters voted upon and the outcome of the votes at the annual general and special meeting of shareholders of
1. Election of Directors.
Each of the nominees set forth in the Circular were elected as directors of the Company to serve until the next annual meeting of shareholders, or until their respective successors are elected or appointed. The following table sets forth the voting results of shareholders at the Meeting with respect to the election of directors:
Nominee | For | Withheld | ||
Number of Votes | Percentage of Votes | Number of Votes | Percentage of Votes | |
13,894,018 | 91.00% | 1,374,162 | 9.00% | |
13,819,847 | 90.51% | 1,448,333 | 9.49% | |
Chris Tsiofas | 12,966,609 | 84.93% | 2,301,571 | 15.07% |
14,338,607 | 93.91% | 929,573 | 6.09% | |
14,280,156 | 93.53% | 988,024 | 6.47% | |
2. Appointment of
The Company's shareholders approved the appointment of
For | Withheld | ||
Number of Votes | Percentage of Votes | Number of Votes | Percentage of Votes |
19,872,875 | 97.94% | 417,448 | 2.06% |
3. Insider Option Amendment
The Company's disinterested shareholders approved by an ordinary resolution an amendment of certain stock options held by insiders of the Company (the "Insider Option Amendment"). The following table sets forth the voting results of disinterested shareholders at the Meeting with respect to the Insider Option Amendment:
For | Against | ||
Number of Votes | Percentage of Votes | Number of Votes | Percentage of Votes |
11,127,981 | 73.77% | 3,956,959 | 26.23% |
4. Amendment to Omnibus Plan
The Company's disinterested shareholders approved by an ordinary resolution an amendment to the Company's omnibus equity incentive plan (the "Omnibus Plan"). The following table sets forth the voting results of disinterested shareholders at the Meeting with respect to the Omnibus Plan:
For | Against | ||
Number of Votes | Percentage of Votes | Number of Votes | Percentage of Votes |
12,933,650 | 85.74% | 2,151,292 | 14.26% |
The Company had 61,092,291 issued and outstanding shares at the time of the vote. The awards issuable under the Omnibus Plan has been amended to 12,218,458, being 20% of the issued and outstanding shares of the Company as at the time of the Meeting.
Date:
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