Generally, any company that institutes a R/S is in trouble, which is at least part of the reason there are too many shares and not enough buyers.

That is the reason the price acts the way it does.

It doesn't really matter how many shares are out there, if no one wants to buy them the price goes down, end of story.

When you think about it, the fact that the POET share price has held up (relatively) over the last several months, with all the options being exercised, is good news; it means the market cap has been steady, therefore the value the market is attaching to the stock is also steady. Yes, the decrease in share price over the last month(s) is absorption of the options.

Clearly, the market is still undecided where we are going, but it is saying that there is at least an even chance that we are going somewhere.