I appreciate the post and understand your questions. Thank you.
The last few months have been exhausting to say the least. Many people have reached out to me. I have responded that I will not apologize for sounding "negative". If I hid my opinions just because they may sound negative, then I would be a hypocrite.
I have never lost faith in the technology. EO polymers have potential to be a cornerstone technology of certain parts of the photonics industry. Modulators are just a tiny piece of the overall photonics ecosystem, but they're everywhere. Does every application need what EOP and the competing next-generation materials offer? No. Nothing in the last few months has changed my belief that some day EO polymers could be a 'ubiquitous' technology. Silicon modulators are ubiquitous. InP modulators are nearly ubiquitous. Have timelines to realizing significant revenue been pushed back from when we originally thought it was going to happen? Yes.
My change of heart towards the company comes from how they handled this shake-up. We will never know the whole story and it's likely my overall opinion isn't 100% accurate. But I believe I have a really good grasp.
Michael Lebby was fired on the spot. He was not offered another position. But he felt it coming starting a few months prior. I think he knew it was coming during my September sit-down. Also recall they swapped Lebby out for Atikem last minute during the October conference. The Board clearly thought it was the right thing to do even though they knew the damage it would cause. Did Lebby do something THAT bad to justify what the Board chose? I really don't think so. I don't trust the Board. Jim Marcelli and Ron Bucchi need to be replaced in order for the company to be able to get to the next level. I will not support the company like I used to until that happens. Not a single person has ever told me something that Ron Bucchi has contributed to this company...not even the most well known or largest shareholders can tell me. But somehow he lead the coup d'état it appears. I don't think anyone should support these two and everyone should do what they can to affect more change. Please reach out to me privately if anyone has anything to change my mind.
Lebby doesn't care about money. He's a really unusual human being. Also, frankly, I'm not sure he cared too much about shareholders (in a general sense...he really liked some individual shareholders, got along well with everyone that I know who has met with him, and was very responsive to shareholders large and small). I also believe he has a side of him that can be a bit brash. I think some would consider him a dick. Perhaps his personality clashed with potential partners and that's why Yves said the people they are talking to are happy with the change. It wouldn't shock me if Lebby gave management a big middle finger by selling shares. He would do so off principle and it wouldn't have anything to do with a lack of faith in the technology. Again, I don't want to speak too soon since I don't know for sure these filings are actual sales.
It is STRICTLY MY OPINION...but I think the stock price/market value is getting very close to liquidation value. I don't want to jinx it, but I don't believe it can go much lower. If it goes under $1 without any more "bad" news, I would consider the company to be grossly undervalued. I think Yves could sell the company tomorrow in a fire-sale for $100 million. I absolutely do NOT think that is what is going to happen. I think Yves will form at least one meaningful partnership this year with a reputable company. What we wanted to see now (the PIC...or design-in into a transceiver) will come later than we hoped. The reputation of the company and technology will improve. What will the stock price do? Hopefully go up as confidence is restored.
The problem with today's stock price is that raising capital with the current financing in place is not ideal. Navigating the finance side of the business during 2025 is going to be a challenge and Jim Marcelli is WOEFULLY underqualified to be able to handle this. How Marcelli handles 2025 will make or break whether or not this stock is going to be a good investment....regardless of the merits of the technology and the potential. He is the CFO after all now, right? Let's not forget he was the Chief Operating Officer during the time period Operations supposedly broke down.
Anyway...that's enough for now.
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