If Poet had refinanced in a professional manner , the share price would have declined, but in a measured way.  Waiting till the refinancing wall was upon them was always a recipe for maximum disruption, inflicting pain upon shareholders and damage to corporate reputation.

The CEO holds full responsibility for not ensuring the balance sheet was managed responsibly. The CFO abetted that by not objecting sufficiently to overturn that strategy. The CEO should stick to making money from delivering product, and not try to be clever and save a few nickels in financing.

They may have been overly swayed by shareholders that felt that the shareprice was never high enough to allow for share issuance. The tepid response to the open shareholder offering should have been a clear sign to them that funding certainty comes at  a cost. (I have learned  its never a good sign when C level staff engage with chat sites.)