Would think two tranches.
T1 - likely only be a small amount at current market to get to 19.9%
T2 - balance of USD40m maintain 19.9% as part of the broader raise / strategic funding at higher price.
ultimately their commitment as a cornerstone for what is essentially double BKT current market cap shouldn't trigger a re-rate in the stock meaning the tranche 2 funding should be higher.
