You are correct Baba. Just looked it up. POET keeps the money and the buyer maintains 30% ownership of DL.
As long as the shares remain in escrow, all costs and liabilities related to the operation of DenseLight will be assumed by DL-Shanghai. In the event that the full payment cannot be made by December 31, 2019, the Company will either negotiate additional time for the payment or seek some other arrangement with DL-Shanghai or its investors in order to conclude the sale. In the circumstance that the parties cannot conclusively agree on terms for the sale of DenseLight by June 30, 2020, the shares in escrow will be returned to POET.
However if the buyer fails to deliver the balance as of Dec 31 then POET potentially has additional leverage in terms of renegotiating especially if a White Knight decides that they want to take over ownership of the remaining 70%. Bottom line though is that POET does not want the hassle associated with running a fab. They want someone else to run it for them while they provide the initial demand for POET lasers and detectors built in that fab and the new fab in China.