>According to my old calculator if the Consideration paid>was...

>According to my old calculator if the Consideration paid
>was $6,898,494 then the price is 2.5 cents.

Quite right Bob, I must have forgotten how to use a calculator. Apologies for the error.

As WestTrader057 points out, the issue of whether the underwriter makes a profit or loss is actually fairly irrelevant, at least until JT tries to do the same thing to raise yet more money next year.

The important takeaways are that institutional investors did not what much to do with this share issue, and retail investors weren't that interested either, even at (what was) well below market price.

And, a hedge fund with a rather checkered recent history has suddenly bought almost, but not quite enough, shares to outvote the CEO. They obviously did that quite deliberately and I am wondering what they have in mind.