I also think it is Singapore related. Re-inforced by Ajit's statement last news release, about the govt. grant. I think they might have signed some contract related to Denselight, perhaps a couple of months ago, thinking the VCSEL would be completed, and income by way of NRE would be coming. I think others have stated this opinion also.

As far as the way the Public Offering went down .... that was simply inexcuseable, but maybe it was the best they could get, given the failure of any NRE? It will be interesting to learn details. General, off the shelf comments won't cut it. Trust in management hangs in the balance.