I think you go too far, Hogan. To those of us who have followed the company closely for years, a higher value at this time is a reasonable conclusion. 

The keen interest of the Tier 1, the Consortium and our newest potential partner indicate that the Poet tech is serious business in a huge marketplace, of which we need only a modest fraction to be very successful.  Put that together with the no-nonsense approach of Suresh and there is plenty of reason to invest speculatively and conclude a present value in excess of our curreng market cap. 

That said, new, large investors may decide to wait until even further de-risking. Likely a smarter, but a far less "romantic," fun and exciting manner in which to invest than what many of us have chosen.  

Ideally, one would invest what one can afford to lose without causing unacceptable or irreparable harm on the home front, and then become more aggressive when, for example, the Tier 1 is announced as having embraced the tech.  Of course, one would miss a buyout under the more prudent method, but it all needs to be fed through each person's risk/reward matrix.  

I have not followed the above-described ideal. I'm overweight the stock, with a current value which would represent a meaningful addition to my cash flow if invested in fixed income or fairly safe dividend payors. But prudence can be boring, all depends on the individual. "You know that every form of refuge has its price."