My take:

**Part 1: The SPX joint venture (100/200 gig solutions) is structured in a way that POET’s ownership gets diluted as Sanan contributes capital/equipment. POET has stated it’s the JV’s goal to go public on a Chinese exchange. No foreign entity is allowed to own greater than 25%. POET is primed to get squeezed out of their own business!!!

**My Thought: I am not sure that Poet gets diluted without any chance to do something against. Has Sanan already contributed the whole agreed sum or are they still filling it up? If so, can they contribute more without asking POET? I don´t think so, you have to agree before, right?

Going public is a positive as the true value of the JV can be disclosed in the balance sheets. POET will be recognised healthier and wealthier then. Having said this, I am not happy with plans about partial selling Poets stake, but you need floating shares to go public. And maybe POET has plans for the cash already - the alternative is a dilution of POETF.

**Part 2: $POETF is in a MUCH greater competitive landscape than LWLG and is a MUCH riskier investment. The market has told us that too.

**My thought: That´s right. But you have to know the reason: Risk comes with getting serious. As long you are a experimental lab, you don´t have competition. There are only ideas, hope and expectations. Do you remember POET as a GaAs-R&D? No one can compare you with others, you don´t have to talk about supply chains, production ramp-up, sales channels or revenue projection. POET is getting serious right now, LWLG not yet. Risks are getting more and more obvious at POET, LWLG still has to wade through that completely.

Risk is here, but compare it to the chance and look what POET has achieved until today. Then make your bet.