sparta: … in my mind not showing a strong confidence in the Poet story.

Well, let’s assume you are 100% confident in the POET story, or even 110%, if you wish. Consequently, you want to put at lot of money into that stock. How could you do that?

Sure, you could go to the stock exchange and buy aggressively from the ask. But wait – why should you do that? If you know (or better: if you are convinced) that there are warrant holders who are forced to sell their shares in order to exercise their warrants, why rush?

You can put up your stink bid (every bid stinks at these levels), sit there, and wait for the cheap shares to be sold to you. “Bid it and they will come”, or how is that saying going?

Has this anything to do with with whether you are confident in the POET story or not? No, not at all.