"The argument their options are underwater won't wash with investors as they did not commit anything upfront."

I disagree Goosed, this is how you get these guys working in your best interests. They'll have to get the company back up to $7-8 to make some money on their options so that's a positive for shareholders holding on

Also I believe

 Shareholders would have to vote on a private sale and it’s doubtful there would be enough yes votes at these ridiculous prices. We own the IP

None of what FJ wrote is a big surprise other than maybe the misstep at 100G. Then again 100G proves the tech works. 

The real opportunity is the market isn’t valuing the company for its 800G/1.6T groundwork.

I feared we were going to hit some turbulence when Marvell and Arista were clamouring for 200g per lane at ECOC 2022 while others are wanting direct drive solutions without a DSP at OFC 2023.

I think the 800g play with DML and 1.6 with EML is where the puck is going, all 8 lane. That's where the money is flowing and that's what we have to capture....I think that's where Suresh will turn this ship around as customers come to the end of the road with their current infrastructures due to the insatiable demand for AI compute.

I also think they can really hit on the Light Source business when that comes to fruition as the laser arrays are just way too expensive for mass production volumes.