Just to add a few points regarding the apparent tying OI development to the sale of Denselight.  IMO, this is an assumption.  The share sale agreement does not explicitly tie any development milestones to scheduled payments.  Now, since the second and third tranches appear to coincide with POET's stated OI development timelines it is tempting to make the connection, however as far as I'm aware there's nothing officially stated (verbally or in writing) to support this.

During the conference call, it was stated the consortium was interested in Denselight for their laser and sensing capabilities/capacity, presumably in addition to the manufacturing agreement surrounding the OI.  How the sale ties to OI development I'm not sure, but IMO the OI manufacturing agreement may not be the only reason and maybe not even the primary reason for the consortium's interest in Denselight at this point in time.  It is not a stretch to figure other devices based on an OI platform (ie sensing devices) are a ways off, and certainly well behind completion of an OI based 400G communication device.  Still a lot of unknowns, hopefully a little clarity over the next few quarters.

Agreed Baba, the share sale agreement does provide latitude for the buyer to delay/modify terms of payment(s).  I didn't like the wording when I first read it, and still don't.

Happy New Year to all!