The market reaction feels more due to the $250 million shelf than the Mentech news. Maybe some would be investors trying to drop the price in anticipation of another capital raise.

What matters now?

The company is quietly (for now) squeezing the intermediary supply chain. In the background, those who have not signed on are trying to determine what their next move will be. From their viewpoint, if a large portion of their business is assembly of others' components into transceivers, POET guts the most vital value they provide and replaces it with a drop-in chiplet. Jump in the boat, or drown? 

The largest users will always go to their trusted suppliers first. POET acquiring intermediaries as customers ultimately wins the big companies as future clients. The shelf info, much of which was stated in previous offerings, cites potential future acquisitions, but also states that POET's future will be as a direct manufacturer serving the largest customers in the world. Also that they plan to make their own lasers. Why these lofty ambitions? Because they know they can do this. The value lies in the technology’s evolution, not as a mere commodity being dropped in a box by an intermediary. 

My question is, how are these relationships being set up to allow them to ultimately make the jump in the supply chain over these intermediaries. Is that now going to happen at 3.2T and beyond?  

When will new investors finally realize what is happening? Maybe same old, same old (revenues/orders), or maybe when an industry icon makes its first offer. It’s starting to feel like  a coin toss.