So this fundraising round dragged on for weeks, and we ended up with a measly $1.6M and a huge drop in the stock price. 

Meanwhile, it was announced that SPX is adding staff to meet the demand for orders. From their efforts at a trade show, POET has secured Tier 1 clients in China, module makers targeting the more difficult 400G and 800G products. 

I also note that the SPX deal is an ace in POET's hand that is not properly valued by the US market. Add to that the layer of issues with semiconductors and China-US relations. 

POET needs cash and has an undervalued asset that appears to be going gangbusters. I guess that Sanan or Chinese investors see this as a great opportunity to buy into SPX, ending POET's search for cash and its awful dilution. POET still sells chips to SPX, which is the core business of POET and gets to focus on the shinier objects of AI with a solved cash injection sans dilution. I like it. I hope this is what is happening, and it makes more sense than a kicking of the can down the road with only $1.6M. 

Just thinking out loud here, all of the above is written in previous comments.