Key TakeawaysPOET Technologies shares plummeted more than 44% following Marvell’s decision to cancel all Celestial AI purchase ordersThe cancellation stems from alleged violations of non-disclosure agreements by POET’s managementPOET’s Chief Financial Officer disclosed sensitive order information during a public interviewShares had jumped 76% the previous week following initial announcement of the Marvell relationshipCompany maintains it has secured a $5 million order from another technology partnerShares of POET Technologies experienced a dramatic selloff following Marvell Semiconductor’s decision to terminate all outstanding purchase orders through Celestial AI.POET Technologies Inc., POETOn April 23, Marvell delivered formal written notification of contract termination. The semiconductor giant pointed to unauthorized disclosures of proprietary information concerning order specifications and shipment schedules.The controversy erupted after POET’s Chief Financial Officer publicly discussed details of the Marvell agreement during a media interview. According to Marvell, these statements breached the confidentiality provisions governing their business relationship.The terminated contracts encompassed initial production volumes that POET had originally revealed in April 2023.The news delivered a particularly painful blow given recent price action. In the week preceding the cancellation announcement, POET shares had climbed approximately 76%, approaching the 52-week peak of $15.50.The previous week brought extreme volatility. Initial disclosure of the Marvell partnership propelled shares higher before profit-taking triggered a sharp reversal. The stock managed to rebound by Friday’s close, finishing the week with solid gains.Monday’s collapse wiped out most of those recent advances. The stock plunged 44.37%, with trading volume exploding to roughly 94 million shares—nearly nine times the three-month average daily volume of 10.52 million.Management Highlights Alternative Revenue StreamsNotwithstanding the Marvell setback, POET Technologies emphasized ongoing commercial activity with other partners. Management confirmed an existing purchase agreement worth approximately $5 million with an undisclosed technology firm.The company stated it “remains focused on executing its strategic priorities and advancing product development within the AI and optical networking markets to meet increasing demand.”Despite Monday’s substantial decline, POET shares maintained a year-to-date gain of 27.8% and continued trading roughly 250% above levels from twelve months earlier.Activist short seller Wolfpack Research recently announced a bearish position in POET. The research firm flagged potential tax reporting complications for American investors and questioned the company’s pattern of strategic repositioning, characterizing POET as primarily engaged in “stock promotion.”Other Strategic Initiatives ContinueSeveral recently announced collaborations remain intact. POET unveiled a partnership with Lessengers focused on developing a 1.6T optical transceiver module designed for AI computing clusters and hyperscale data center infrastructure.This joint effort combines POET’s Optical Interposer platform with Lessengers’ Direct Optical Wiring capabilities.Additionally, POET established a cooperative agreement with LITEON Technology targeting optical communication modules for artificial intelligence networks and data centers. This partnership centers on integrating optical elements with electronic components through POET’s proprietary interposer platform.Marvell’s shares also declined during Monday’s session, falling 5.77%.POET management reiterated its commitment to satisfying delivery obligations for all remaining customer relationships.The post POET Technologies (POET) Shares Plunge Over 40% Following Marvell Order Cancellation appeared first on Blockonomi.