POET Technologies Inc (NASDAQ:POET) shares jumped over 21% on Tuesday, reaching a new 52-week high of $11.09. This rally follows a recovery from a recent short-seller report by Wolfpack Research.
CFO Slams Short Sellers, Addresses ‘Tax Nightmare’ Claims
POET CFO Thomas Mika called short sellers “maggots” during a discussion with Stocktwits. He accused the firm of timing its report to create anxiety before Tax Day.
Wolfpack alleged POET’s status as a Passive Foreign Investment Company would create a “tax nightmare.” Mika told Stocktwits the warning was a “big nothing burger.”
He explained the company was in a net loss position. Therefore, U.S. shareholders had nothing to declare.
Earnings Miss and Product Pipeline
On March 31, POET reported quarterly losses of 32 cents per share. This missed the analyst estimate of 9 cents. Sales of $341,202 also fell short of the $400,000 consensus, according to Benzinga Pro.
The company is busy expanding its AI footprint through a partnership with Lessengers. The duo aims to develop 1.6T optical transceiver modules. These modules target high-density AI data center networks. Samples are expected to be available by the second quarter of 2026.
POET Stock Price Activity: POET Technologies shares were up 20.60% at $10.36 at the time of publication on Tuesday, according to Benzinga Pro data.
Photo by Thapana_Studio via Shutterstock
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