HOGAN: The effect of dilution while having a near term detriment on the SP may in fact have a long term benefit on the strategic growth of this company, let's not lose sight of that.

Exactly. And while we have to pay the price of dilution, we will also get something in return on short term, i.e. the increase in equity and associated increased maneuverability. You might argue that what we'll get will not be enough and it's not us who will get it, and – subject to volume, offering price of the new shares, and strike price of the warrants – I trend to agree. If POET only would issue rights! That would be fair, but I doubt they'll do it.