I believe the assumption that POET is fumbling around and doesnt know what they are doing is an oversimplification of the current situation.

TM may be "incompetent", as some of you accuse - I don't know, so I wont defend him, other than to say that Suresh and the Board have a vested interest in hiring someone with the necessary experience to navigate these waters. 

When I launched a company we were privately held and personally funded, so I don't have experience with all the tools that a publically company can use for funding.  There was a poster on this forum who said he was a past CFO - perhaps he can offer some insights.  Why would POET announce such an ambiguous offering?  Are they "fishing" for something? Are they ensuring that they explore all options?

My view (assumption) is that POET is establishing options for raising money in the best interest of the company, and this funding announcement was a strategic part of the plan. The Board, and Suresh and his staff, are well connected in the industry.  There is no doubt in my mind that they have reached out to their busienss relationships for guidance/mentoring regarding creative mechanisms for raising funds.   Therefore, they know their options.  But it would be unwise to communicate their strateagy at this time.  Unfortunately, this leaves the investors (me, you) watching our investments tumble in value without any knowledge of what's going on.

There is a plan.  We don't know what it is - for whatever reason.  I am frustrated also, and I check throughout the day looking for a news release.  But I do believe they have a plan.