Ann: Successful placement and issue of shares, page-85

Have a look at the ownership structure before IPO...




Why would "Other Existing Shareholders" own more than the two founders of the company put together?

Only approx 50% of the shares on issue following the IPO were subject to escrow. So approx $20m worth of shares at the 20 cent issuing price could be sold on day one.

It says there were 120 "Existing Shareholders at the time of IPO".

Who are these people?

Source is 9 Spokes Prospectus Dated May 2016: https://www.9spokes.com/assets/financial-documents/9-Spokes-Replacement-Prospectus.pdf