Good post on agoracom.
I’m not a super-long like many of you there, so I try not to stick my nose in the drama.
Suspending the ATM and burying the announcement on a Friday night is not a positive. Those who are saying it was to send a message are nuts.
Send a message to who? The short interest in the stock is next to nothing AND is mostly unchanged over the last few months.
If management really decided to jeopardize the financial health of the company and possibly breach their fiduciary duty just to send a message to the boogeyman…God help us all. They are down to just a few months worth of cash on hand.
To me the September price action just looks like a large shareholder selling, and no manipulation. Management used the ATM a little bit this summer, realized they were going to send the stock to $1 if they kept it up. A large shareholder MAY have played chicken with that scenario, but then again they would know that buying back their position would not be easy with how little volume there is. So I’m not buying that.
I think it’s more likely the Cormark capital raise rumor is true. I’m not sure if they’ve maintained a core position of shares but perhaps they were the one selling recently to raise the cash for the raise. That would make the most sense to me. But then again…why suspend the ATM? Perhaps Cormark required that as part of the raise so that the stock was less likely to go below the strike price. POET will have to reopen the ATM soon anyway because the Cormark rumor only buys a few more months of operating capital. Sure revenues should be increasing into 2024, but so will expenses. Positive cash flow is a long way away.
Just thinking out loud…
This technology may be just fine, but the management and decisions made have been atrocious. They’ve never gotten their backs off the wall.
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