If I am reading the news properly, I think we are going to add north of 13M shares to the float to acquire this company. If Poet's current sp is no reflection of its true value and we use the P2 figure of 2B or a conservative $8 per share, then we really paid over $100M. Don't forget that since P2 was performed, market risk, financial risk and I believe much of the technology risk have been mitigated. Therefore, the P2 valuation could be quite conservative. We don't know if this was a good deal or not, as we really don't have all of the information, so I will leave my faith in management to have done their homework, but I do believe that Denselight's owners may have done very well.

You can rephrase this reasoning thus: Bill Gates should never have sold a single share of Microsoft - what he has sold over the decades amounts to having left (probably) $200 billion on the table...

...what this means is that a significant portion of Microsoft's stock would have been locked up, not providing incentives for anyone else to advance the company (or their lives) forward.

Sorry, but you have to pay to play.