2022 for VEN. The spark that lights the fire, page-111

It's clearly not clear...the 'retail' component ($2m SPP) will include all existing holders. A one for two issue with 605m shares on issue would see them attempting to raise over $25m...they are looking to raise $2m. There are around 1600 holders with 100k or less shares...so even in a fantasy world where they separated out the retail component, that would be circa $16m in a one for two raising. Not going to happen.

A SPP typically allows any existing holder to apply for a ceiling $ value of shares, regardless of existing holding level. With around 2,200 shareholders, they would likely put a maximum application option of $15-20k - given that a large chunk of holders will not buy $15k worth.