Overview
- Marvell scrapped a purchase order that linked Poet Technologies to Celestial AI, saying Poet’s disclosures broke confidentiality terms.
- Poet confirmed the cancellation in a press release, and the stock kept sliding with an intraday drop of about 18.4% and a decline of roughly 57% from its recent high.
- The company said it still holds a separate purchase order worth about $5 million with another technology customer.
- Poet reported around $430 million in cash and equivalents at the end of its last quarter, and its market value now sits near $1 billion.
- The reversal followed CFO Thomas Mika’s recent claim of a Marvell‑tied order that had driven a sharp rally, leaving investors looking for concrete signs of production progress and new bookings.