Could the issue fail?, page-6

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Yep - the issue could fail. The sub agreement will certainly have a 'get out clause' if SP or overall market react poorly for a period of time. Usually 10% drop in ASX and sub issue price for 3-5 days.

That being said the underwriters here (and subbies) I understand have previous exposure through prior share issues with GGG, hence would not be keen to see it fail.

Someone mentioned the option value - yep, with the volatility this one has they would have some value, but could not confidently say that will sway punters if fear outweighs greed.

I think $3M will be there but would not write off a repricing or extra options to get it over the line.