Absolutely agree "G". I have posted on two (?) previous occasions that I believe that a move to the Nasdaq will and must include some sort of equity transaction which effectively removes the risk of having the market determine a valuation.

If for example, Company A (?) determines that they want to have a stake in Poet in addition to becoming a commercial partner then perhaps they would pony up $1B for 10%, just sayin'. It's actually quite smart since Company A would then garner 10% of Poet's upside on everything else while at the same time, securing Poet for the line of products within Company A.

This effectively yields an immediate valuation of $10B which has been independently determined thru the equity transaction.

Having said that, a commercial transaction in the VSCEL vertical by way of NR could yield a sp that would surpass the sp threshold required for Nasdaq but the valuation then becomes more subjective from external sources. From my perspective and perhaps a simplistic view, the NR approach might get us to the Nasdaq and the NR + equity deal will get us to the Nasdaq. From there.....let there be light !!!