Additionally, unrelated to the warrants, the company reported that it has made substantial progress toward completion of the definitive agreements with Sanan IC in accordance with the letter of intent signed by both parties on June 30, 2020. "Collectively, there are more than a dozen interrelated agreements and detailed schedules, which we previously aimed to have completed, approved and signed by the end of September," said Thomas Mika, Poet's executive vice-president and chief financial officer. "While there are no material terms remaining to be decided, we are still working to finalize the details of these agreements. We expect to complete and obtain the necessary approvals on all associated agreements shortly after the Golden Week holiday in China, which ends on Oct. 10, 2020."

As a reminder the LOI  news release was issued at 9:15 on June 30 which was a Tuesday.