POET Stock Hits Over 2-Year Highs Fueled By New Manufacturing Deal: Retail Cheers
The company will be manufacturing optical engines with Globetronics Manufacturing in Malaysia.
FollowShares of POET Technologies Inc. (POET) jumped over 30% on Thursday to hit over two-year highs at $7.60.
The rally was fueled by the company’s latest manufacturing deal with Globetronics Manufacturing (GMSB) to produce optical engines in Penang, Malaysia.
On Stocktwits, the developer of optoelectronic solutions – including its Optical Interposer platform, which integrates electronic and photonic devices for AI-driven applications in sectors like data centers, IoT, and automotive LIDAR – was among the top 10 trending tickers.
According to the agreements, GMSB will assemble and test optical engines based on POET's exclusive designs.
The three-year Master Agreement outlines the collaboration's overarching terms. POET will cover the initial project plan and installation costs for the consigned equipment, while future purchase orders will be priced according to the specific optical engine types.
Globetronics has allocated RM7.7 million ($1.72 million) for capital expenses related to this collaboration from 2025 to 2027.
The collaboration involves advanced wafer-level process equipment installation and aligns with POET’s broader “China Plus One” strategy to enhance global manufacturing capabilities.
POET is in the middle of finalizing the purchase of a minority equity interest in Super Photonics Xiamen (SPX) from Quanzhou Sanan Optical Communication Technology Co., Ltd. (SAIC).
Definitive agreements are expected by Dec. 31 as the terms of the transaction are still being negotiated.
POET has also confirmed that its public offering, announced on Dec. 12, has been fully subscribed by an institutional investor, raising $25 million.
The stock has soared nearly 630% so far this year.
(RM 1 MYR = $0.22 USD)<
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