The cash in the bank is a nice surprise.  I thought the desperate offering was a sign that they might be close to going broke, but fortunately I was wrong.

So why tank the share price for cash they do not desperately need?

I have to presume they have a rational strategy.

Are they going to make another acquisition?  That is a possibility but am guessing they will not be buyers until they get this baby off the ground.

My guess is that they are going to accelerate the engineering process to ensure they do not get scooped by a competitor.  Poet needs to get a working prototype that has been stress-tested six ways from Sunday; otherwise the big fish will never bite.  I imagine the burn rate for this scenario warrants the extra cash.