I am glad to see that the first tranche closing remains on schedule for a close on or before October 31st. Once the $8M has been received by Poet it is a reasonable assumption that the second tranche is 'locked-in' with a presumed 2nd tranche closing by end of year.
We have been told that upon closing the first tranche, Poet will no longer be responsible for the operating costs of the Denselight facility however, does that mean the buyers will fund directly, or does that mean that Poet will fund and be re-imbursed? My thought here is this. We now know that cash exiting the PRC is cumbersome and time consuming. Are the circumstances different when operating a business outside of the PRC? I hope that the buyers don't ask Poet to fund operating costs using the $8M with total re-imbursement occurring at the closing of the 2nd tranche when 100% of the shares finally change hands.