A year ago, Pinetree Capital was an aggressive buyer of POET Technologies (TSXV:PTK). Shares of POET raced to a high of $2.54 on April 17, 2014 and Pinetree was adding to a position that had surpassed 11% of all shares outstanding.
But a year later, Pinetree is selling POET in the open market at prices that are significantly lower than last year’s peak.
On April 16, Pinetree sold 142,000 shares at $1.63. On April 15, Pinetree sold 315,500 shares.
Earlier this month, POET appointed two new directors. The move, said interim CEO Peter Copetti, was intended to try and fill the void left when director Adam Chowaniec died in February after a prolonged battle with cancer.
“Adam’s loss left a very deep gap to fill, however, the Corporate Governance and Nominating Committee (“CGNC”) has been engaged in an extensive search to find suitable candidates to fill the role of permanent CEO and supporting executive staff and directors,” said Copetti.
Founded in 2000, Toronto-based POET Technologies, formerly known as OPEL Technologies, shed its solar business in 2012 to focus on its core asset, a semiconductor fabrication process called POET. POET, an acronym for Planar Opto Electronic Technology, is technology management says can deliver semiconductor operating frequencies of up to 100 gigahertz and lower heat losses with greater reliability and a lower total system cost. The company currently owns 34 patents and has seven more pending.
At press time, shares of POET Technologies were up 5.1% to $1.66
Note: An earlier version of this article stated that Pinetree Capital VP Richard Patricio sold amounts equal to Pinetree. In fact, these were the same transaction, doubly reported at Canadian Insider. The sales were from Pinetree Capital, not Patricio.