There's definitely going to be more than $8.5M - how much; we'll see, but either way, pretty sure the company didn't need the SPP cash and it was, as you say, a bonus for existing holders to participate at the same price as the bigger end of town.
Trump's shenanigans scared a few off participating.
I got mine (applied; surely will get them haha).
Hopefully it starts moving up from here as SPPs are always a bit of a handbrake on the SP.
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