Here's the thing about dilution, woundedknees. The existing warrants don't really count any more in looking forward regarding dilution, as with warrants, the dilution is deemed to occur when they are issued or granted, not when they are exercised. Thus, the run-up in price occurred at a time when the warrants already were in existence and already counted when figuring overall share count.

The kind of dilution that will sting a bit going forward is if we need more money to run the company. Even if the price were to be higher, no retail investor likes to see that kind of dilution, regardless of whether it's necessary or not.

I wouldn't be surprised to see POET issue some more shares in a PP or publicly and probably not too far into the future. That's just the reality of micro-cap stocks. $11 million does not sound like much cash, as it starts to dwindle, management gets nervous, don't forget, their salaries come from this cash! So, unless we see some material revenues pretty soon, I would expect to see POET raise some more money, probably via PP, and this would not be unusual nor necessarily bad.