Poet Technologies (POET 11.02%) stock is moving lower in Monday's trading. The company's share price was down 12.6% as of 2:05 p.m. ET. The S&P 500 was down 0.3% at the same point in the daily session, and the Nasdaq Composite was off 0.7%.
The broader market is seeing bearish momentum in today's session, and many growth-dependent tech stocks are seeing particularly large pullbacks. Poet stock is likely also under pressure due to investors taking profits and news that the company has completed a dilutive new fundraising round.
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Poet stock pulls back
Poet's valuation pullback in recent trading comes on the heels of a massive run-up. The company's share price skyrocketed last week following news that the company had inked a deal with Lumilens that could be worth more than $500 million. Despite some big sell-offs recently, the stock is still up roughly 120% year to date.
With the broader market moving lower today, Poet is getting hit with another round of sell-offs. Factors including some production headwinds in the memory-chip market, rising oil prices, and rising bond yields are all contributing to the market's pullback today.
NASDAQ: POET
Key Data Points
Poet completes $400 million funding deal
Before the market opened this morning, Poet published a press release announcing that it closed its deal to sell roughly 19.05 million shares of its common stock and a warrant granting the right to purchase roughly 19.05 million additional shares of common stock. The sale was conducted to a single, unnamed institutional investor and allowed the company to raise roughly $400 million. With the company making aggressive fundraising moves through the sale of new stock, shareholders are facing significant dilution.
