Gents,
Until this financing is closed, this bloobath will continue and unhapiness will continue to be spread among this board.
At some already pointed out and I'm sorry to say that, but right now, we all have to wait and see if the management cares or not about its long and faithful investors.
A post-financing letter to shareholders or an annoucement that a strategic investor has taken a large chunk of the financing would be a good start.
I just can't understand this financing, why?, what for?, how could you agree?
The terms, WOW !!! they are simply unbelivable, a major discount of the last closing price and a 5 YEARS warrants, + 7% commission for the first 10M$ raised, +300K fixed expenses + 4% commission for what's above the 10 M$ threshold..........
I've never seen such financing terms before, especially for a company that is supposed to have a first mover advantage and be in a position to ride the wave of integrated photonics.
You all know that a private placement within the actual investor base could have been done and we would have agreed to different terms just to keep the company afloat. Why did they choose to go another way?
Just for the shares sold as part of the PO, the agents will make 1.1 M$ and from the warrants exercise they are also entitled to receive another 1M$.
If warrants come to exercise, (I don't know if they can be forced to be exercised assuming the average trading price comes to be higher during 30 days) POET will have raised 28,499,040$, paid 2.1M$ to the agents and given 23.66% of the shares oustanding.
I'll definitely give management time to explain. If no explanations is granted, well they just sent us the signal that at the date of this financing, they valued the company at 100-120M$.
There was for sure other possible venues to finance their on-going expenditures, I will trust in them and wait for a reason as to why they choosed to go with this non-sens financing, for now.
I'm shaken and I'll repeat it, there has to be a reasoning to that financing
My best wet dream would be... that there are some third parties that are part of the Poet Development Alliance that have actually taken some serious equity interest through this disguting/disguised PO.
