Allotment of only $4M is an excellent outcome. Sophisticated investors won't be looking for arbitrary profits, so the sell depth is being protected by mgmt by only allotting 12m shares to retail investors. A percentage of those retail allotments will no doubt hit the sell side immediately but due to the decision to scale back, long term holders don't need to endure too much sell pressure. Well done mgmt.
Allotment of only $4M is an excellent outcome. Sophisticated...
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