I'm not agreeing or disagreeing with the information presented by all parties, because it is quite informative and it reflects some very astute observations.

But I believe part of the problem in this discussion is that the SP of ~$2.50 does not even come close to the assumed valuation of $1b USD. Something more reasonable would be $4.00-4.25....that's a 1.6-1.7 multiple.

I don't believe the buyer will make an offer based on SP, I think they will offer based on valuation. And, even if they do offer based on SP, I assume the great minds at Poet will counter based on valuation.

Poet would not have asked for Pellegrino 2.0 if it did not believe the valuation would come in at or above $4-5b - it's simply not worth their time and money for it to come in at $2-3b. At $5b valuation, that's a 8-8.5 multiple of current SP $2.50.

Given the slew of vertical use applications for these chips and once a partner/license is established, I fail to see how Poet is worth anything less than $10b...conservatively.