POET Technologies (POET) said Tuesday it has closed its direct offering of about 20.7 million shares, raising around $150 million.

The company said participants in the offering included two new fundamental investment managers. Titan Partners Group, a division of American Capital Partners, was the placement agent.

Net proceeds from the offering will be used for corporate development and working capital, according to a statement.

Shares were over 2% lower in recent trading.

Price: 7.23, Change: -0.18, Percent Change: -2.43