I echo what many here have said about Suresh’s letter, about our company’s lack of communication skills, their inability to pull off a decent capital raise, our disappointment with that, etc., etc.

Suresh is used to solving his customers’ pain points with the help of the POET technology. But that doesn’t work here. The shareholders’ pain points are elsewhere and cannot be healed with technology, at least not with technology alone. Suresh obviously hasn’t understood that yet. The POET’s technology is brilliant, customers are reaching out for it – very nice, but we knew that already, thank you!

But the letter tells us nothing about the things we eagerly want to know, and of course this is not enough. The uncertainty remains, the risk remains, and today's share price performance shows how the market feels about it.

• “While our recent equity financing fell short of our expectations” – as well as ours, by the way,
• “resulting in the need to raise additional capital in the relatively near future” – yes, we came to this conclusion ourselves already,
• “we continue to discuss financing alternatives with investors and with partners who share our vision and exhibit confidence in the value of our technology and our technical achievements. Multiple potential avenues to financing remain, and we will continue exploring each of them in parallel over the next few months.” – Really? Who would have thought! No surprise here, no information we hadn’t figured out ourselves yet.

On the other hand, the question arises as to whether all these negative things, and in particular the risk of loss, are now “baked into” the share price appropriately. My impression is that this is the case, but that the market continues to exaggerate downwards (well, it is lacking any reason to trend upwards).

Maxim, however, has good reason to aim for a higher share price. After all, they now have to get rid of their 1.6 million shares and warrants. But that won’t work at these low prices. If I buy a share and a warrant for USD 0.90 (CAD 1.22) and exercise the warrant for USD 1.12 (CAD 1.52), the two shares will cost me a total of USD 2.02 (CAD 2.74) – or USD 1.01 (CAD 1.37) per share. As long as the share price is lower, however, I’m better off buying on the open market, and Maxim can’t sell anything to me. If they want to recoup their money, they would have to do some share price stabilization effort to get the price to USD 1.01 (CAD 1.37) or above. This should not be too difficult in this tight market. For the shorters, the risk is increasing.