54-40: To be fair, I should be as it relates to the split.  We don't know when it's coming and this overhang could well affect the ratio.

I think you mean that if the warrants are putting downward pressure on the stock at the time that the company pulls the trigger on an R/S for a NASDAQ listing it will impact the ratio.  

As Suresh has told us an R/S would happen when it makes sense to do so. And it really would not make sense to do so until the stock is trading at high levels following a news cycle.

But I think a point that may have been missed in the Feb 22 news release is as follows:

In his closing remarks, Dr. Venkatesan thanked shareholders for their continued support of the company and the support of the decision to authorize the board of directors to consider the consolidation of the company's issued and outstanding common shares. He drew attention to the increase in the company's stock price and the company's current liquidity resulting from the recently completed brokered private placement and exercise of warrants. Dr. Venkatesan reminded shareholders that the consolidation of the issued and outstanding common shares would only take place at a time when the board of directors deems appropriate and in the best interest of the company. He reiterated that the purpose of the consolidation was in furtherance of the company's goal to seek an additional listing on the Nasdaq Capital Market and/or a graduation to the Toronto Stock Exchange in order to gain access to a larger pool of shareholders, including additional institutional investors.

I think we need to have some faith in management and the board to make the right call at the right time. They are sitting on something of great value to all shareholders (POET management and BoD included). They have worked so hard to come this far to launch breakthrough products. They will be rewarding themselves and us by executing the proper steps such that the market cap is reflected.