Liquidity is not merely a theoretical or numerical definition, it is also affected by the psychology of buyers and sellers. I forget where I read this but there is evidence that a consistent/persistent small percentage of investors is always willing to sell a small percentage of shares, regardless of SP. You see this on low-volume-no-news days. Therefore, for a 5:1 RS of Poet down to approx. 40m shares, while the relative percentage of sellers and sellable shares does not change, the actual number of shares available will be less.
Also, because many institutional investors have rules about buying in lots (i.e., 100 shares, 500 shares, etc...), owners of odd numbers aftere the RS will have a restricted market for volumes of shares not rounded to those lot sizes.
When compared to the big boys, approx. 40m total shares is a pittance for liquidity purposes. Sadly, I see more PPs on the horizon to accomplish, amongst other things, an increase in Poet's liquidity.
Nonetheless, if the RS is needed to play in the big sandboxes, then let's get on with it.
