Emerging chip products seller POET Technologies (POET) had scored a contract with Marvell Technology (MRVL) Celestial AI (which it had acquired in February), which was expected to be a huge factor for the company’s upcoming revenue. However, Marvell accused POET of breaching confidentiality by disclosing details of these orders after acquiring Celestial, and subsequently canceled all related purchase orders.
POET saw its stock dip 47.4% intraday on April 27 after losing the contract. POET had reached a 52-week high of $15.50 on April 24, but is down 57.4% from that level amid this selloff. Against this backdrop, should you consider buying POET’s stock?
