-- Poet Technologies (POET) said Wednesday it will make information available to US shareholders to make a qualified electing fund, or QEF, election regarding its passive foreign investment company, or PFIC, status for fiscal 2025.
US shareholders who timely make a QEF election for fiscal 2025 are expected not to have current US federal income inclusions for the year. Accordingly, such an election is not expected to result in negative US tax consequences for 2025, based on the company's disclosure.
The company's board also approved plans to redomicile the company in the US. The move, if completed, would eliminate the possibility of Poet being classified as a PFIC in future years, according to the statement.
Shares of Poet were 2.3% higher in Wednesday afternoon trading.
Price: $6.87, Change: $+0.16, Percent Change: +2.37%