Not dilutive to what is already in the market. You could probably draw a flow chart to help organise the possibilities and the timing.

Events that are in my opinion possible and to varying degrees probable.

1)   POET does something to get the warrants into the money to a level where investors will exercise.

2)   POET receives a decent upfront payment from the India RFP

3)   POET receives some form of payment associated with the InP dielectric platform.

4)   POET starts billing the EDB grant. That would indicate they are committed to fulfilling the conditions of that grant. The technical deliverables are all but done as far as I can tell (at first glance).

5)   Debt financing.

Have a great weekend all.