It is dollar liquidity that matters.  For example - I need (for sake of argument) $2M USD of shares to make the position size I want.  Currently POET's 30D ADV is 25,271 on the NASDAQ, and 17,528 on the TSX - call it 43,000 total shares. The total $ liquidity is $215,000 USD. As an institutional manager, I want to minimize market impact (change in prioce caused by my own trading) so I want to keep my trading below 25% of the ADV - that gives $50,000 USD of volume daily to target - it takes 40 days to get my position. Too long. Same problem on the other side if I want to exit.

There are, obviously, two ways to solve for this inadequate $ liquidity - raise the price, or increase the volume.  Both are likely to happen together, and it is possible this is the beginning of that process. 

Our biggest problem so far is that POET is effectively invisible to institutional investors.  None of the current analysts really reach the major institutions.  I was hopeful that Oppenheimer (Rick Schafer) would pick us up after those conferences - but not yet.  Probably because they haven't participated in a financing - that is how coverage happens.