"Interesting, if this is the case, then why wouldn't they have participated in the January p.p. that had much better terms ?"

January was very gloomy month for Poet and for everyone associated with Poet, many not even thinking the company would servive. I suggest that even when MMCAP took this big step and bought close to 6 million shares that they are very early to the pardy for such a company. And many more will follow but not with the deal MMCAP has gotten.