Why Poet Technologies Stock Crashed This Week
Poet Technologies stock plummeted 51.6% this week after Marvell Technology canceled an order, citing a confidentiality agreement violation. The stock had more than doubled the previous week after Poet CFO seemingly confirmed the order with Celestial AI, a company acquired by Marvell.
Poet Technologies' stock price fell 51.6% this week after Marvell Technology canceled an order. The company's CFO had previously confirmed the order with Celestial AI, a Marvell subsidiary, causing the stock to more than double. Marvell cited a confidentiality agreement violation as the reason for canceling the deal. Poet announced it had received notice of the cancellation on April 23. The company has secured a separate $5 million order from another customer.
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