© otnaydur dreamstime.com Electronics Production | November 08, 2019
POET closes the sale of DenseLight
POET Technologies, the designer and developer of the POET Optical Interposer and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, has successfully closed the sale of its DenseLight subsidiary in Singapore.
The company completed the sale of its wholly owned subsidiary, DenseLight Semiconductors Pte. Ltd., to a consortium of investors organised under DenseLight Semiconductor Technology (Shanghai) Ltd. POET shareholders approved the sale with 99% of votes submitted at a Special Meeting held on October 24, 2019. The first tranche payment was received in the amount of USD 8 million in return for which the company initiated the transfer of 30% of DenseLight shares to the buyer. The remaining 70% of the shares were placed in escrow, to be released to the buyer upon receipt of the remaining two payments of USD 13 million and USD 5 million, which are expected to be made on or before December 31, 2019 and May 31, 2020, respectively.