poLight Enters into Investment Agreement with Q Technology Group
poLight, a provider of tunable optics technology, has entered into a strategic investment agreement with Q Technology Group, a manufacturer of camera modules for global companies. Pursuant to the investment agreement, poLight will issue a volume of shares to Q Tech to raise a total of NOK 171,468,971 (~$16.4 million).
According to poLight’s board of directors, the transaction will secure the equity required for future growth and working capital needed to scale production of its TLens product and further develop its technology platform, both related to TLens and TWedge.
As a part of the strategic investment, Q Tech is working to establish a dedicated assembly and test line for poLight’s TLens product, in addition to poLight's existing manufacturing capabilities.
The completion of the private placement is conditional upon the approval by the company's general meeting for the share issuance to Q Tech, the appointment of Q Tech's nominated directors to poLight's board of directors, and certain amendments to the company's articles of association regarding the composition of the board of directors.
The issuance represents ~33% of poLight’s outstanding shares following the private placement.
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