My understanding is that POET management did not expect the share price to go into decline after the PO was announced and that the discount would be applied to the prevailing trading price of .80 or there about.
This was naive at best, incompetent at worst. What would any reasonable person presume on a PO preannouncement without terms?! Obviously uncertainty drives the market - who exactly didn't realize this?! Seriously.
The price had already gone into decline after the announcement of the PO and by the time they even addressed shareholders (the CC) the price had already dropped to .60 and that was really more about confusion regarding the need for the PO at such a low price.
BS, they could have pulled it. After which there were options, short of giving back 60% in mkt cap since the PO announcement. And let's not forget where this thing was trading going into the THM, where the pompous rockstar told us 'It’s going to go nothing but up from here'. Whether or not they were blinded by their own optimism, or inexcusably victim of unknown circumstances (the optimization hurdle, then export permits, now vendor bottlenecks) their lack of anticipation or any form of contingency planning is mismanagement of epic proportions.
It's not the question of a need for financing. It's not a question of desiring US coverage (at a reasonable price). It's their gross incompetence at running a public company. And where were the clowns on the BoD, IBK and Shelton to advise them along the way? The 5M Shorts obviously saw the writing on the wall - perhaps they should have representation on the Board.
I agree with the balance of your post.
