jimjet - I'm glad all of these are "nonsense" because otherwise I'd be really really worried.
*The company's 10k's said for 10 years in a row they expected to commercialize product by year end
*Dr Lebby gushed about how easy it would be to be quickly incorporated into foundry PDKs and partner for "mass commercialization" - even showing a timeline that ended with "commercialization Polymer Plus" pointing to mid-2021 in the 2021 ASM
*The top 2 each took $2.6m in cash bonuses against company policy of giving out bonuses pre-revenue.
*Every single director sold their shares at year end 2021 - beginning 2022 - which was just the time investors were expected major deals and partnership announcements because of the 2021 ASM
*The company said they were on-track for all of their goals in the Dec 22 shareholder letter
*The company used their first deal as the excuse to not review annual goals at the 2023 ASM
*The company projected 7900 units in transceivers in 2024 during the 2023 ASM - when they had not yet even gotten full wafer poling to work (not for another 6 months).
*The company led shareholders to believe a commercial deal for scalable polymer modulators could happen at any time in spring-summer 2023, when they were 9-6 months away from even having a full wafer of modulators from a foundry
*The company would definitely shout out loud to the industry the moment they have a working 4x200 PIC from which transceiver companies can work with, as shown by how strongly they advertised their single lane success.
*The Dec 23 shareholder letter came early when the stock was tanking badly -- and it greatly mislead investors into expecting major deals in a short amount of time.
*When the deals from the above shareholder letter didn't happen the company first explained that it was because they were needing to show more reliability and scalability. Later the narrative changed to having switched to more lucrative Tier1s after the 200mm demo - dropping the reliability/scalability reason first given.
*The company has yet to name Polaritan as a partner they have made a deal with.
*The company has made very little money on their first "deal" because it is not a scalable product.
*Marcelli pushed a narrative of multiple major deals soon after shareholders had lost a lot of faith from the 2024 ASM and the price had dropped, via a "high level executive" phone call
*The company has only gotten 200mm full wafers of poled modulators from one company - AFM - as is clearly stated in PRs and filings. Any other wafers they are getting from other companies are not 200mm.
*The narrative of "deep negotiations" with transceiver companies has never been supported by a single company statement in Prs, or filings. All we are really being told is they are having "discussions" and are "engaged".
*The company has never verified that any transceiver company is designing any product or prototype using the company's technology. When Dr Lebby was asked directly, he didn't not answer affirmatively.
*The company just lost their CEO under suspicious circumstances. The PR announcing it discussed new verticals and plans to "evolve" and while it mentioned materials and polymer modulators there was no mention of the development of a 4x200 PIC.
Even the market knows better than to call any of these "nonsense".
Good luck with your rebuttal!
Happy New Year!
..
AI
