RTO, being a reverse takeover, in this instance consists of...

RTO, being a reverse takeover, in this instance consists of Serpentine Technologies (S3R) acquiring K-TIG Limited and being reborn as a 'new' company. As part of the process $5-7m funds are being raised to complete the acquisition, post consolidation of existing S3R shares. I won't go into the ins and outs of the new company and such - which focuses on commercialising"a high-speed, high-productivity welding technology" - but some links at the bottom you might find of interest.

There is no priority offer as far as I'm aware and technically the public offer is still open (for a few days more) and intended to be accessible to the public at large - including current holders. The reality however, is that funds being raised were largely if not entirely earmarked for the clients of the lead broker (Alto Capital) managing the deal.

Public applicants had to send off a cheque or call the company for a potential electronic funds transfer, which is generally a pretty exclusionary measure if you actually want Joe Public to apply (otherwise you'd have an electronic application/offer site). So your friend would almost certainly be out of luck this late in the process, if not from the beginning given the level of demand and the high regard for the broker running the deal given the past transactions they have brought to the market.

Prospectus document: https://hotcopper.com.au/posts/40021295
New company website: http://www.k-tig.com
Discussion in the IPO forum: https://hotcopper.com.au/posts/40024633