Correct - if we have 1200 odd shareholders who all apply for the full $15k each, that equates to $18m rather than the $3m that is actually being offered to us so I would contend that oversubscription and a subsequent scale back is inevitable. To put it another way, to raise $3m we only require 200 shareholders to apply for the full $15k each.
Broker Data anyone ?, page-171
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