THE U.S. STOCK HAS RECENTLY COLLAPSED, AND IT'S VERY INNOVATIVE. THE AI CONCEPT UNITS ARE PARTICULARLY GLAMOROUS, WITH THE MARKET VALUE OF BRITAIN REACHING 5.26 TRILLION, WITH LIGHT COMMUNICATIONS, POWER CHIPS, HBM MEMORY JUST RISING WITH THE PLATES THAT ARE ATTACHED TO THE AI INDUSTRIAL CHAIN。

The largest beneficiaries of this line of action, as in the currency ring, are small capitalizations that have increased from several dollars to dozens of dollars。

AND JUST YESTERDAY, A STOCK LIKE THIS COLLAPSED BECAUSE ITS CFO VIOLATED THE DISCLOSURE OF AN ORDER IN A VIDEO REFUTING THE REPORT。

It's a story

POET is a small, Toronto-based company with a core product called Optical Intermediary. It can be understood as a special baseboard that connects the electronic and photochips to the same silicon, allowing the data to reach the GPU at light speed in the AI data centre. On the industrial chain, this is the key layer named in the encapsulated optical road map of the British-Marvell。

That's a good story. From $0.93 at the beginning of 2024 to $8.82 in October 2025, POET rose 847 per cent. The Korean diaspora is particularly interested in it as another "hidden jewel in the supply chain of Weeda" that is recommended in the KakaoTalk group。

However, any investor who has read the company ' s financial statements will give the company a question mark about its future。

A total of $1.07 million was collected throughout 2025, with a net loss of 5858 times the amount received. From 2020 to the present, a cumulative sum of $2.34 million was received, which is less than a community pizza chain. During the same period, nearly $538 million was raised through additional funding, with the equity diluted by 303 per cent - from 38 million at the end of 2022 to 155 million at the beginning of the year。

The diasporas said that they had never bought immediate cash flows and that it was a possibility for the future。

The problem is that this company has over the past decade produced seven different "futures": a single piece of GaAs semiconductor by 2017, a car laser radar by 2018, an interconnection of goods in 2020 with 5G light access, medical devices from 2017 to 2019, AR/VR equipment from 2018 to the present AI infrastructure。

Each time it was directed to the hottest track at the time, each was not delivered。

When you're empty, the executive makes a mess

On April 14, Wolfpack Research published a report on POET, the core of which can be seen on two levels。

The first was the allegation that the company was selling shares。

POET paid $95,000 to an intermediary called LFG Equitiers, who subcontracted it to YouTube influencers to push POET into an "undervalued hidden gem in the field of AI" in the words of an independent investor, with three videos cumulatively touching 760,000 subscribers。

AT THE SAME TIME, THE COMPANY WAS BOOSTED THROUGH THE CAYMAN FOUNDATION MMCAP AT A DISCOUNTED PRICE: ON OCTOBER 7, 2025, AFTER THE END OF THE $5.5 DOLLAR/EQUITY PRIVATE COLLECTION, THE NEXT DAY MMCAP'S HOLDBACK WAS REDUCED FROM 16.2 PER CENT TO 9.99 PER CENT — SELLING ABOUT 5.8 MILLION SHARES OF ORDINARY SHARES WITHIN 24 HOURS, LEAVING A CERTIFICATE OF OWNERSHIP。

Wolfpack obtained 41 samples of small holdings that had employed similar pushers and found that the median price of these stocks had fallen 92 per cent from the high point。

Worse still, Wolfpack believes that POET should be recognized as PFIC, the passive foreign investment company。

THE U.S. TAX CODE STATES THAT AN OFFSHORE COMPANY IS CONSIDERED TO BE A PASSIVE FOREIGN INVESTMENT COMPANY IF MORE THAN 75% OF ITS TOTAL INCOME IS DERIVED FROM PASSIVE SOURCES SUCH AS INTEREST, OR MORE THAN 50% OF ITS ASSETS ARE IN CASH. THE FINANCIAL POSITION OF POET IS PERFECTLY CONSISTENT WITH THOSE TWO PROVISIONS: $4.55 MILLION IN INTEREST INCOME FOR 2025, $1.07 MILLION IN OPERATING INCOME AND 80.9 PER CENT OF TOTAL INCOME IN PASSIVE INCOME; AND $313 MILLION IN CASH ON BOOK, MORE THAN 95 PER CENT OF ASSETS ARE PASSIVE ASSETS。

THE COST OF BEING IDENTIFIED AS PFIC IS BORNE BY THE DIASPORA. EVEN IF THE STOCK IS NOT SOLD, THE BULK ACCOUNTS ARE TAXED AT 37% PER YEAR. ONCE AN OMISSION IS MADE, THE UNITED STATES IRS CAN BE TRACED INDEFINITELY。

When the Wolfpack report was released, only 28 hours remained until the end of April 15th。

ON 15 APRIL, POET ANNOUNCED THAT IT HAD ADMITTED THAT IT DID BELONG TO PFCC IN 2025 AND ANNOUNCED THAT IT WOULD RELOCATE ITS PLACE OF REGISTRATION FROM CANADA TO THE UNITED STATES TO ENSURE THAT SUCH PROBLEMS WOULD NOT RECUR IN THE FUTURE。

ACCORDING TO THE USUAL POET SCRIPTS, THE NEXT DRAMA SHOULD BE A SLOW FALL IN STOCK PRICES AND A SLOW RETURN TO VALUATION。

But there was an accident on April 21st。

The CEO of POET, Thomas Mika, received a video interview from the Stocktwits platform, responding positively to Wolfpack's presentation. He called the empty man "the maggots", stressing that the company had $430 million in cash, real customers and products。

At the highest cost of the interview, Mika personally confirmed that the company had received a $5 million purchase order from Celestial AI under Marvell's flag and that delivery would begin this quarter。

The market responded immediately。

On 21 April, POET rose by 19.32 per cent and by 22 April, by more than 20 per cent. KOL Serenity says on X that the identification of Marvell's direct supplier has allowed the market to re-pricing POET's position in the British-Marvell light communications road map。

Exulting diasporas do not know that POET's unilateral disclosure of order information requires Marvell's authorization。

In the semiconductor supply chain, the content of cooperation between downstream customers and upstream suppliers is subject to confidentiality agreements. The road map of the customer ' s product, the order amount, the product specifications, any one of which is made public, will affect the bargaining chip between downstream and the end customer, the cloud service provider. First-line semiconductor companies are extremely sensitive。

On 23 April, Marvell sent a written notification to POET that all purchase orders had been cancelled for breach of confidentiality obligations. Including the earliest disclosure of the initial volume orders in April 2023。

Three years of partnership, which was emptied by an interview。

Crash

POET RECEIVED A CANCELLATION NOTICE ON 23 APRIL AND DID NOT DISCLOSE IT AT THE FIRST TIME, AS REQUIRED BY THE LISTED COMPANY。

On that day, POET fell by 8 per cent, the market interpreted it as a normal return after the previous boom; on April 24th (Friday) stock prices continued to rise 28 per cent. Throughout the weekend, the diaspora encouraged each other in the forum, and what they saw was an AI "hidden gem" that had just recovered from an empty report and had been personally confirmed by CFO as Marvell's order for two days。

The order was cancelled in writing on April 23rd。

From Thursday closing to Monday opening, the company was silent on nearly four trading days. In an ex post facto evaluation, Juan, an analyst of Critini Research, said: "The company received a notice on 23rd and did not disclose it until 27 days, during which time the shareholders who pursued the purchase should consider litigation."

On April 27th (Monday) in front of the drive, a paper announcement was made to make the crowds fall into ice。

All purchase orders from Celestial AI, including the initial volume orders first disclosed in 2023, were cancelled on the grounds that the company had breached its confidentiality obligations in relation to the order and shipping details。

THE OPENING FLASHES, THE POET IS CLOSE TO 46% AND THEN FALLS 10%. THE MARKET VALUE EVAPORATES ALMOST HALF IN ONE DAY。

Serenity notes that Marvell's cancellation logic is deeper than breach of confidentiality agreements. POET was made in Marvell's combined optical road map, essentially encapsulating lasers made by other manufacturers into silicon photons designed by Marvell. This is one of the most susceptible to vertical integration in the industrial chain。

Marvell could have been procured directly from laser suppliers such as Lumentum, and had made its own seal. The confidentiality agreement just gave Marvell a reason to speed up this decision。

In other words, the real signal that Marvell cancelled the order is that we don't need POET anymore。

The collapse also affected small holdings upstream of the industrial chain and on the same plate. Several of the laser suppliers considered by the market to be POET Beta, SIVE, LITE, LPTH, fell collectively that day。

Concluding remarks

IN THE U.S. STOCK MARKET, A LARGE NUMBER OF COMPANIES WITH SOPHISTICATED RETWEETING CIRCLES ARE FAMILIAR WITH STANDARD PROCESSES: RUSHING HOT SPOTS, SPEAKING NARRATIVES, LOOKING FOR KOL PROPAGANDA, RAISING STOCK PRICES, AND THEN GETTING OUT OF THE MARKET WITH INFORMATION FROM THE AIR. THE TARGET OF THE HARVEST IS STILL FOMO CHASING THE HIGH-HUB。

POT'S CFO PROBABLY WOULDN'T HAVE THOUGHT OF THAT MOMENT IN THE VIDEO WHEN THE MAGGOTS WERE OUT OF CONTROL, THAT IT WAS THE SAME VIDEO THAT GOT ITSELF INTO A LAWSUIT AND FINALLY MADE THE EMPTY MAN WIN。