I would say not their intentions, just out of their control. They tried their best to raised money without success (so far). The came clean in the M&A which is great to restore confident. Again they wants investors to know, POET is a risky business that need to raise cash very often to survive but they have the tech! 

So next step is to set the price ASAP if financing is avalaible otherwise i suspect the stock will go down where the price should be set. My guess is 1$ US, they can't raise below that level and they know they need at least a year of cash which is 20MUS. So it could be a massive dilution of 20M shares + 20M warrants. 

again not management fault, capital market is pretty bad.