The fact that they used the term "price protected" jumped out at me immediately also. I wasn't able to post today because of work, but I wanted to point out that this was probably in the works long before the price run.

In truth, those who really don't like it could put up a stink because POET isn't really allowed to price protect a PP that hasn't been announced through a previous NR. Personally I think it would be stupid to press this point because I'm guessing this PP might be for a specific strategic purpose. I think it could have been part of an agreement of some kind that has taken a while to complete. This price run may have lit a fire under them to close the deal as they watched the agreed-upon price leave them behind.

What else I find interesting is the $5M price tag for the PP. It seems like the price was the main driver of this deal and not the number of shares. In other words, the purchaser made sure that they parted with $5M exactly.

If you do the math, it looks like the original deal was to acquire 10000000 shares at $5M. The amount of shares of the new deal was reduced by the exact ratio of the new price to the old:

65/50=1.3, and 10000000/1.3=7692308 <--new share count

So the question is: why does POET need precisely $5M?

Clearly the acquirer didn't insist on acquiring a precise number of shares, POET could have kept the share count the same and got $6.5M if the acquirer was willing to pay it. Perhaps POET is still trying to keep dilution to a minimum while safely future-proofing their strategy. Or maybe the $5M is earmarked for something in particular, like if the $5M was a term of an agreement that will be announced when the TSX approves the PP. We'll have to wait and see.