And don't forget management options are also way under water, especially the BoD options at 1,99 CAD. So why in the world would they approve this PO? Because they think they will get more but cheaper options, or because they think by the time they excercise they will still make money? I wouldn't rule out the 1st, but also hope for the second and some SP actions like back in 2014 after the last PO, where POET was worth less than it is by now.