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POET Stock Soars After CFO Slams Short Sellers
22 Apr
Summary
- POET CFO calls short sellers 'maggots' and dismisses tax concerns.
- Company reported quarterly losses of 32 cents per share.
- New AI optical transceiver modules samples due Q2 2026.
POET Technologies Inc. experienced a significant stock increase of over 21% on Tuesday, achieving a new 52-week high of $11.09. This surge occurred despite a recent short-seller report from Wolfpack Research.
Company CFO Thomas Mika strongly criticized the short sellers, referring to them as "maggots" and accusing them of strategically timing their report to incite anxiety around Tax Day. Wolfpack had raised concerns about POET's status as a Passive Foreign Investment Company potentially creating a "tax nightmare." Mika, however, downplayed these claims as "a big nothing burger," explaining that the company's net loss position means U.S. shareholders have no immediate tax implications.
Earlier, on March 31, POET reported quarterly losses of 32 cents per share, missing analyst estimates, with sales also falling short of consensus. Nevertheless, the company is actively expanding its artificial intelligence capabilities through a partnership with Lessengers. This collaboration aims to develop 1.6T optical transceiver modules intended for high-density AI data center networks, with sample availability anticipated by the second quarter of 2026.
