POET Technologies Stock Hits Over 3-Year High On Record $75M Fundraise — Retail Traders On Cloud Nine

Shares of the optical chips maker soared over 23% on Tuesday, after it announced the closing of the private placement offer.

POET Technologies drew retail buzz on Stocktwits late Tuesday, after the optical chipmaker’s stock jumped 23.5% to its highest level since March 2022, following a $75 million fund-raise.

The company stated that it raised the amount after selling 13.6 million company shares through a private placement, marking the largest single investment in the company's history.

"With a war chest of over $150 million in cash and no significant debt, we are now able to scale up our own growth ambitions in the market for advanced AI hardware solutions," POET CEO Suresh Venkatesan said in a press release announcing the raise.

The company intends to use the proceeds for expanding its offering, acquisitions, and working capital. POET Technologies makes advanced chips that connect light and electronics, enabling data to move faster within AI systems, data centers, and telecom networks.

On Stocktwits, retail sentiment for POET stock climbed even higher in the 'extremely bullish' zone (91/100) from a day ago, while message volume jumped to 'extremely high' from 'high' the previous day. POET was the third top-trending ticker at the time of writing.

Some users believe the stock could breach the $10 level or even the $12 level on Wednesday.

Last month, POET surged over 15% in a single day after the company disclosed a $500,000 order for its Optical Interposer technology. Year-to-date, the stock has surged by 32.4%, outperforming the benchmark S&P 500 and Nasdaq indices.

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