Ann: Entitlement Offer - Eligible Shareholder Letter, page-2

interesting that the heavy lifting is expected to be done by the retail investors. Sophisticated investors commit to $5M. Retail to make up the remaining ~$14M. When the offer is worth having, it is usually hard for retail to get a look in and we end up with some SPP which gets scaled back. When it ain't worth having guess who gets to fund it. Not saying that this offer is not worth having (yet) as I haven't read the prospectus but not impressed with this company re-start so far.