On the nose ABC. 5,184 $3 Call options contracts expire in 2 days. That's more than a half million shares. This isn't day traders. More than likely whomever sold those contracts wants them to close out of the money (at or below $3).

Read what little information is available about the "funds" that invested in POET. Their investment strategies are designed to optimize their profits and include use of derivatives.

Their terms of their investment in POET (shares and warrants, minimal holding periods, etc) provide them with a playground full of opportunities to make money even on minimal share price volatility. Up and down wins. Slow, steady and stable share price appreciation to them is not nearly as profitable as leverage and instability. No better environment to exploit than a company with no revenues to provide ballast. 

in this scenario, the best retail shareholders can hope for is for two of these funds going head-to-head in their efforts to make money. 

But, for a company desperate for cash, no time to be concerned with the turmoil that might ensue. After all, worse comes to worse, you can always reprice your options.