Firm commitments for $120M weeks after the PFS is a great achievement. The investors are ESG focused institutions, I doubt that means they just pump and dump ESG focused stocks, so Im hopeful they will hold onto VUL. Besides having institutions on the registry is useful because VUL are at an early stage, and will likely include them in future capital raises if they stick around.
Also, even though the 30 day VWAP was $7.5, there was obviously a massive speculative pump that took it to $14, so it's not a surprise that the offer price is at a huge discount from the VWAP, given the price volatility. Keep in mind, $6.50 is still at a 400% premium to the price a few months ago. Retailers taking the early risk pre-PFS are already rewarded since VUL is now cashed up at premium prices.
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