Virtual AGM scheduled August 26, 2020 TORONTO, June 15, 2020 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, today announced the date of its annual and special meeting of shareholders (the “Meeting”), which will be held via a virtual on-line platform. In addition, the POET Board of Directors granted options to its non-management directors and to certain officers, employees and consultants of the Company.
Formal notice of the meeting date and record date will be provided as of June 19, 2020. To ensure the safety of the Company’s employees and shareholders during the COVID-19 pandemic, the Meeting will be held via a virtual on-line platform on August 26, 2020 (the “Meeting Date”). Participants at the Meeting will attend remotely, using an on-line platform, which allows attendees to vote, ask questions and participate electronically in real-time, rather than attend the meeting at a physical venue. Additional information, including the record date, the time and virtual on-line platform for the Meeting will be provided at a later date. In addition to the election of directors and the ratification of the appointment of the Company’s auditors, POET shareholders will be asked to approve an increase in the Company’s stock option pool. A management information circular pertaining to the matters to be acted upon at the Meeting will be provided to shareholders of record prior to the Meeting. The form of the Meeting (i.e., fully or partially virtual) is subject to change, and the Meeting Date is subject to postponement at the discretion of the Company.
As part of the Company’s incentive stock option program, the Board of Directors recently granted a total of 7,114,838 options to purchase common shares to non-management directors, officers, certain employees and consultants of the Company, representing approximately 2.4% of the outstanding common shares of the Company. The total included 1,714,838 options to non-management directors (0.59%), 4,650,000 to officers (1.6%) and 750,000 to other employees (0.26%).
The options are exercisable for 10 years at a price of CAD$0.53 (US$0.39), which represents the closing price of the Company’s common shares on the TSX Venture Exchange on June 11, 2020. The directors’ options vest quarterly in arrears over each year of service as a director and represent the option portion of directors’ fees for the 12-month period beginning June 15, 2020. All other options granted to officers, employees and consultants vest 25% on the first anniversary of the grant and the balance vests quarterly over a further three-year period thereafter.
The options were granted subject to provisions of the Company’s incentive stock option plan and are subject to the TSX Venture Exchange policies and applicable securities laws. For further details on the Company’s share capital, refer to the Company’s unaudited interim financial statements and MD&A for the 3-months ended March 31, 2020, which were filed on SEDAR on May 28, 2020.
