Yes the price will either be the VWAP leading up to the 2nd Dec or $25.32.
That is why I pointed out that magical VWAP number $25.83, because that is the trigger VWAP point since $25.83 X 98% = $25.3134 which would round out to $25.31 which is indeed lower than the maximum $25.32.
Fast Heading To $25.32, Then Where Will Share Price Fall?, page-16
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