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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.