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After huge gains in last week’s trading, Poet Technologies’ stock suffered a sharp pullback this week. The fiber-optics specialist’s share price fell 51.6% over the period.
Poet’s share price has been highly volatile over the past couple of weeks, linked to developments around orders the company was expected to have with a potentially crucial customer. The stock more than doubled after an apparent confirmation that Poet had a contract with Marvell Technology, but those gains were later reversed when it emerged that Marvell had backed out of the deal.
In an interview with Stocktwits published April 21, Poet CFO Thomas Mika seemingly confirmed that the company had an order with Celestial AI, a company that Marvell acquired in February. The news drove the stock to more than double within a week.
On April 27, Poet published an update stating that it received notice of the order’s cancellation from Marvell on April 23. Marvell cited the disclosure of the order as violating confidentiality agreements as a key reason for backing out.
The expectation that Poet’s technology would be integrated into Marvell’s technology stack had been a major bullish catalyst. Following the cancellation announcement, Poet’s shares experienced a dramatic pullback.
While Poet said it has secured an order from a separate customer worth roughly $5 million, Marvell’s decision to cancel the earlier order suggests that Poet’s technology was not essential to Marvell’s strategy.
The Marvell order cancellation raises questions about Poet’s commercialization outlook for this year and beyond. Poet’s update provided limited visibility into the details of the cancellation, leaving investors with uncertainty about what the change means for future orders and integration prospects.
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