POET Technologies Faces Make-or-Break June as Shareholder Vote, Class-Action Deadline and Marvell Fallout Collide

POET Technologies faces pivotal month: shareholder vote, June 29 class-action deadline, Marvell fallout. Down 35% from peak, legal overhang.

POET Technologies heads into a pivotal month, with investors juggling a shareholder vote on shifting its headquarters to the US, a class-action deadline on June 29, and the lingering damage from a high-profile customer cancellation. The AI-focussed photonics company is trying to regain its footing after a 47.3% single-day crash in late April.

The class-action claims, now being pushed by multiple law firms, centre on allegations that POET misrepresented its status as a Passive Foreign Investment Company — a classification that carries onerous tax consequences for US holders. The suit also accuses CFO Thomas Mika of violating a confidentiality agreement with Marvell Semiconductor during a Stocktwits interview on April 21. In that interview, Mika discussed the company’s relationship with Celestial AI and said he was under NDA with “suppliers of hyperscalers” — not directly with Marvell.

The fallout came six days later, when Marvell cancelled all orders from Celestial AI, explicitly citing POET’s breach of confidentiality. The stock cratered from around $15 to close at $7.95.

The class period itself has been described in two overlapping windows: one covering investors who bought between May 15, 2024 and May 13, 2025, and another narrowing the timeframe to April 1 through April 27, 2026. Those who held shares during either period have until June 29, 2026 to step forward as lead plaintiffs.

The uncertainty has been compounded by a $400 million registered direct offering completed in May. POET placed roughly 19 million shares, each bundled with a warrant exercisable at either $26.15 or $26.25 (sources vary) over a three-year term. The unit price of $21.00 sat just above the market at the time, but the prospect of additional share dilution has weighed on sentiment ever since.

Despite the capital injection, the company’s financials remain stretched. First-quarter revenue hit $503,389 — well above the $348,000 analysts had expected — but the net loss per share came in at $0.08, wider than the consensus estimate of a $0.05 loss. A year earlier, POET had eked out earnings of $0.08 per share. Operating cash flow was negative $8.8 million in the quarter, and free cash flow stood at negative $11.2 million. The price-to-sales ratio now sits north of 2,000, while return on equity and return on assets are minus 95% and minus 49%, respectively.

The equity was trading at $13.26 on May 26, more than 35% below its mid-month peak of $20, as investors digested the dilution and ongoing legal overhang. The 52-week range spans from $3.87 to $20.81.

On the commercial front, POET landed a strategic supply agreement with Lumilens on May 14, covering a new class of photonic integrated circuits for AI infrastructure. The initial purchase order is worth $50 million, with a potential ramp to more than $500 million over five years. Engineering samples for 800G and 1.6T transceivers are slated for late 2026, with volume production expected in 2027.

Yet the Marvell wound remains raw. In its regulatory filing on April 27, POET listed a string of open questions: Can the relationship with Marvell be restored? Will the company win new orders from the chipmaker? Can it fulfil current commitments without further cancellations or delays? No answers have been provided.

Perhaps the most consequential decision arrives in June, when shareholders vote on a proposal to move POET’s legal domicile from Canada to the United States. If approved, the relocation would strip the company of its foreign-issuer status — and, by extension, the PFIC designation that has spooked institutional investors and triggered the class action. For now, the clock ticks toward a month that could determine both the legal and strategic trajectory of the business.