I think we need to understand that POET is in a market that is growing by 50% annually with an extreme demand for what they do.

They have to be prepared  for the knowns and unknowns and that means access to cash.

I keep thinking about the relationships they are making with the institutional investors who see this need. Could they have done better with the ATM? Maybe. But once they let those brokers know that they need cash it sets up a chain of possibilities which could be good but it could also be bad.

So it leads me to the conclusion that a bird in the hand is worth two in the bush. I think it applies here.