One problem for POET could be that it is just a small fish - which is shrinking further:

The technology is incredible, the management team (yes, I guess also TM) is not that bad. But due to the market valuation, Poet is just too small fish for real institutional investors, and the NAS listing did not help to change this.
I guess such an investor would like to go with at least 10 Million USD. They could not get in at an early stage, or at the listing, with a 10-20% stake. Both options were not possible with POET - without moving the market in an unfavorable direction for the investor. So also this PP is sold to retail investors, with Mazan and some other dedicated fanatics (Me2 ;-) as well as some insiders - to save POET.

I hope the next move will be to seek the significant participation of one of our direct or indirect customers. Resulting in further dilution, but also recognition of the POET technology.