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If I had to guess based on the timing and the above link, POET (then OPEL) qualified for the SBIRs they got before they went public in 2007. Since, ODIS is a 100% wholly owned subsidiary of POET, the year after they RTO's Tandem Resources, they possibly became more than 51% owned by other entities - the shareholders of POET.
At the time, the shareholder base may have been mostly composed of venture capital firms and agents of the parent company itself, OPEL, as opposed to individual shareholders. This would put them in jeopardy of breaking the rules when they had previously qualified. They just never told the SBIR office that their company structure had changed post -RTO.
It's too bad that the term "False Claims" is being used here when POET is still struggling to be taken seriously pending their first integrated prototype/product. It's definitely not a false claim about POET's technology, but of the corporate structure at the time the SBIR was sought.
That's interesting for other reasons too, TWG.
Guys like Mazan were denied access. He and others undoubtedly would have paid the market price before it was walked down. This would get POET money with fewer newly issued shares.
I'm not really clear on the difference between a PP and a PO. But if it essentially functions the same way in terms of raising capital, maybe they needed to call it a PO to have the flexibility to set tbe price where they wanted it to be. And setting it so low makes me think it's not really about the cash, but rather to get US investment community on board.
My point is there must be a near term strategic purpose for this that transcends the need for quick cash.
I just can't guess what it is.
Hmm.
"an Taylor Your WRONG Rainer....its .36 USd and the warrants are .52 USd....a Toronto broker confirmed it to me today...the money will be used for a reverse merger completion...the behaviour on the Agoracom board today was borderline psychotic and a testament to the idiocy of the human race..."
I'm not on facebook to enjoy such imperious sounding posts, but I'd say idiotic psychotics such as myself are justified in worrying that the price really *IS* set in CAD.
Apologies if this was already mentioned, but it just so happens that the conversion from CAD to USD is 0.75. This is the same number you can multiply to today's close of $0.48CAD and get $0.36CAD - the price of the PO.
Unfortunately, this is also the factor you use when you want to calculate the lowest possible share price acceptable if the 25% threshold is to be maintained.
So either the NR is a misprint that POET chose not to correct, or, the price really was set to the lowest possible price while remaining within the 25% boundary.
Just an idea.
I've been thinking about the NRs we've had in short succession and I've got a guess about what might be happening. Feel free to shoot me down.
We had the following announcements since mid Oct:
1. Supply agreement with Luxmux with immediate announcement for impending PO.
(a) hard to believe the two announcments are not related, even though the placement is stated to be for mundane things such as "general corporate purposes, which may include, among other things, increasing working capital, further product and sales development, as well as potential business or intellectual property acquisitions in support of strategic growth."
This could truly be what the new cash will be for, but the old cash on hand can do whatever it wants. The scope of the Luxmux agreement can't be discolsed, but it's interesting that POET suddently needs money the instant this supply deal is struck.
(b) potential momentum is instantly crushed by the placement announcment, setting the stage for a controlled price for the PO. Perhaps this is a kill-two-birds situation where POET gets money it needs for the supply agreement while securing US investors who can help us get exposure. Luxmux might also be able to take a stake for some reciprocal interest in it's supplier.
2. A week later, we enter into an agreement for support from EDB
(a) this clearly isn't a one-way relationship. In the test of the NR it is stated that the full amount of $10M+ may not be available to us if terms of the agreement are not met. I think one of the terms may have been an investment from POET to match what the EDB committed. In light of something like this, it make the capital raise look like a good idea since you will be getting a dollar for every dollar you spend (going with my 50-50 split scenario).
(b) I'm not sure of the science here (hence the request for pushback/challenge), could the A-Star (IMRE) smart pixel work be adapted to improve upon Luxmux BeST SLED butterfly package? Their current product features several separate emitters to cover the spectrum. It seems to me that POET could be adapted to span that NIR spectrum with fewer chips in the same way A-STAR may be able to make POET work in the visible spectum for AR applications.
(c) Maybe POET will acquire AVO Photonics. This company has been asked to develop technology for Luxmux recently and POET could bring the development under wing and have another product teed up in the short term. AVO has their head office in the states, but the also have prototype development in Toronto. Seems like a good way to expand Denselight-type IP (for SLEDs) while excellerating product develoment in yet another area?
Anyway, this is a fantasy until it's true. But I'd be interested in any criticism, or other potential developments that could make me feel better....:(
Astonishing. I have no idea how to make sense of this.
And I'm sad to say I don't even buy the possibility that our managament has been outsmarted. There are too many people involved who are savvy enough to know better - IBK for example.
What are the chances that the rumoured 10% reserved for the Canadian market isn't what prompted the very selloff that enabled them to buy back at such deeply sub-market prices?
Lest we forget that we don't yet know how many shares will make up that 10%!
What I'd would like to know is whether anyone on this board has been similarly screwed by another company or has been a passive witness to such a thing? I'd like to read about such an account so I can at least guess at the strategy here!
@kooter,
Still here and looking forward to better days ahead. I made the conscious decision to reduce posting frequency at the beginning of the year (soon after the first CC) when it became clear that there were no near term milestones to look forward to. Around the time of the THM, following the 2 acquisitions in close succession, I allowed myself to experience some of the excitement especially as PET started to publicize their intentions. Still, it seemed it would be at least a couple of quarters before I could hope for anything that might draw new investors.
I can still say honestly I've never sold any PTK shares - it's up to you to decide if that statement is a credit or a discredit to my reputation:)
I'm still gambling on a big payback once POET hits the marketplace. And as fairchij indicated, I can hang on until mid 2017 to see where we are headed. Not much longer than that, I'm afraid. And If I do sell mid'17 it will be because I need the cash, not because I don't think POET is viable. For me, that scenario will represent a tragic end to the POET saga, full of hard but valuable lessons and no ROI.