Thank you for sharing your interpretation and line of reasoning, outlining what could be considered a worst-case scenario, where every element is staged and part of a fictional narrative. In such a case, we wouldn't be discussing a company anymore but rather an outright fraud. I assume that the new board members, LeMaitre and Connelly, appointed mid-2024, with their extensive experience and reputations, thoroughly examined the company before joining. It's highly likely they scrutinized LWLG's business model in detail. Their resumes, available online, instill confidence in the organization's current leadership.
Regarding the PIC issue and the lack of definitive resolution, one plausible explanation could be that a PIC is being customized for a specific client. If Lightwave Logic is developing a solution like a 4x200G PIC, this may indeed be tailored to the unique requirements of a Tier 1 partner. Such customization might involve aspects like data rates, wavelengths, optical interfaces, or compatibility with the Tier 1's existing systems. When such a project falls under a Non-Disclosure Agreement (NDA), both parties are bound by strict confidentiality. Under an NDA, technical details, specifications, and even the project's existence often cannot be disclosed publicly. This safeguards the developer's intellectual property (IP) and the client's confidential strategies and requirements. This practice is common in the sector, especially with Tier 1 partners who often seek exclusive access to tailor-made technologies for a competitive edge. A project as advanced as a 4x200G PIC likely caters to critical business processes or very specific technological needs.
Focusing on the term "exclusive access" to LWLG's technology, Michael Lebby stands out as a brilliant technologist and scientist who has elevated the company technically to where it is now. A scientist who has developed a "golden recipe" is unlikely to part with it easily or sell it outright. Lebby has repeatedly expressed his vision of making LWLG a standalone company with its technology becoming ubiquitous.
There appears to be significant internal disagreement within the organization regarding the company's future direction and strategies. While Lebby's exit might have been planned for the longer term, the sudden turn of events and the lack of a prepared PR statement suggest a heated dispute, culminating in the immediate end of Lebby's CEO tenure. A possible scenario could be that the Tier 1 company has analyzed and integrated all test results of the PIC, and these results, as shown in LWLG's slides, have proven to be superior to competitors. One of the largest transceiver companies might now be pushing for exclusivity over LWLG's technology, potentially presenting an acquisition offer. A strategic decision by LeMaitre, Connelly, and other board members might deem such an offer irresistible. To put it bluntly, we know Marcelli is motivated by bonuses and likely wants to capitalize, just like other aging board members. Lebby, on the other hand, wants ubiquity for the technology, likely leading to a significant dispute and an abrupt one-against-all scenario, with his sudden departure as the result.
LeMaitre's initial communications indicate an acceleration in deal-making timelines.
This is my interpretation and scenario, acknowledging that communication issues and management missteps have occurred. I am both angry and disappointed about this. However, while Ted (rightfully) voices his perspective, labeling this an outright fraud case doesn't hold up due to numerous elements that contradict such a claim. Instead, this seems to reflect a significant disagreement about the company's future direction, strategy, and vision.
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