If Sanan has the first right of refusal to buy the JV, POET probably needs some income history and a full order book to get anywhere near what this is worth. That may be just around the corner. They have an impressive catalog so far, with more to come. Why sell now at a deep discount?

Regarding the warrants, the acceleration clause puts money in the company coffers sooner when it is needed. 

Try to see this as a $50.00 stock with lots of cash flow, but it will be a rocky road to get there over the next 1-2 years. It is better to raise small chunks of cash without giving away major assets. 

Sell a few eggs, but keep the golden goose. 

I am biased. I truly believe the entire POET team is extremely talented, knows what they have, and has no doubt about the future. As shareholders, we have a deep and abiding concern about today's value and the next weeks. Some of you have been here for over a decade, so counseling patience is not gonna be heard. But 7 years ago, they were making their way toward entirely different products. Focus on today and the last couple of years of concentrated effort to make the Optical Interposer a standard way to implement photonic circuits and new devices that mount onto it the way to go, now and in the future. The finance stuff, while necessary, is a piece of this that has no enduring power in this industry, the brilliance and utility of the device is the main game.