Yes I do fully understand that. I don't think anyone has the full story except for the company. But it can be partially explained by the fact that moves are made well in advance. The visits to all Denselight's customers to determine what their needs are.
So when they believed the VCSEL was going to be ready in weeks and not quarters they likely anticipated ether money or a much higher share price. I think they planned on the equipment and human resources that are being put into place on that basis. Why not Canada? They have made inroads with a number of Canadian brokerage houses and analysts but it was important for them to start getting the attention of US institutions. IBK did there due diligence on Rodman for their own interests and were satisfied that they had an acceptable score. And analyst coverage is important.
But I do think they play hardball and the VCSEL proof point would have gone a long way to getting a better deal. The wheels were already in motion and for whatever reason it looks like they wanted it done fast.
The bottom line is the company needs to provide details/rational for why they felt they needed to go along with this instead of going with an alternate plan.
