PoetMMc- I keep a daily volume of trades  on both US and Cdn markets. 

Fyi on Nas the total from 30 Nov to 3 Nov was 868K shares (of which 577K was 2 Nov and 253K on 3 Nov).

For all markets in Canada the total for these 5 days was 1.078 Million shares (708K-2 Nov and 325K-3Nov).

So between both markets the total was 1.946 million shares which really backs your opinion, putting things into perspective and your valuation may still stand as a good estimate as there is a mix of Us and Cdn pricing.

In these few days a horrific drop of between 45-50%. It is unlikely that anyone holding this stock is not losing money as am sure everybody has a  (much) higher cost base.

 Employees  of Poet can't be too happy either if part of their compensation package are stock options which will all be out of the money now. The same applies to Executive Officers of the company  but they presumably get much larger salaries. 

Also it has been noted under the new Maxim Group underwriting (details of pricing still to be announced) that "certain of executive officers and directors have indicated an interest in purchasing..shares and warrants in this offering...".

Now finally Insiders are prepared to step up to the plate ..perhaps. For quite some time, as the price started steadily falling, with very little buying support, several people on this board were suggesting that it would really boost the market and existing shareholder confidence if Insiders did some buying. That buying did not happen.

But now when the price has halved they are " perhaps" interested. Was this just their good luck or were they aware that a financing was about to happen.

All just imho.

Without prejudice