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POET’s sale of DenseLight Semi to close
POET Technologies Inc. announced the sale of its subsidiary, DenseLight Semiconductors Pte. Ltd. to DenseLight Semiconductor Technology (Shanghai) Co. Ltd. is scheduled to close on or before Friday, November 8, 2019.
According to a POET Technologies press release, increased scrutiny of foreign currency conversion applications by regulators in the Peoples Republic of China (PRC) have curtailed several forms of foreign investment by Chinese investors and prolonged the overseas direct investment (ODI) process. In this transaction, that manifested as a short delay in the ODI process and subsequent transfers needed to make the first tranche payment of USD 8 million to the seller. With a lengthy review process expected, and to ensure participation by all interested investors, the seller has agreed to receive the total purchase price of USD 26 million in three tranches. The two additional installments of USD 13 million will be made on or before December 31, 2019 and the final, for USD 5 million on or before May 31, 2020. The seller has also announced receipt of final approval for the transaction from the TSX Venture Exchange and confirmed that DL Shanghai will take over operating expenses of DenseLight Singapore starting November 1, 2019. POET Technologies is headquartered in Toronto, with operations in Ottawa, Silicon Valley, the United Kingdom, and Singapore.
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