"it entered into an Agreement with the Singapore Economic Development Board (EDB) to expand POET’s research and development (R&D) operations in Singapore."

We do not know all the details of that "Agreement", but I would guess it entails an obligation to spend money, which is probably the reason for the stock offering. It may also have a time stamp on it, which may explain why, at this time?

"The Company is eligible to receive support up to a maximum of S$10,699,000 over five years pursuant to the EDB letter of offer, subject to headcount and expenditure thresholds. Should the terms of the support agreement with the EDB not be satisfied by the Company, the EDB reserves the right to request repayment of any support advanced to the Company."

This "Agreement" has been very expensive for shareholders. Only time (and patience) will tell if it was worth it all.