Probably a couple of the "sophisticated shareholders" were just fickle fast money and following middle East turmoil and likely increased macro volatility changed their mind and decided to get out (even if some at a small loss).
Probably hard to fully vet the fickle fast freddies from the committed new investors, but in overall scheme its just short-term noise and BET's business should be relatively unaffected from increased macro volatility - other than a possible slight reduction in turnover volume through their platforms should elevated oil price crimp consumer wallets in short - med term.
Even if the Retail raises nothing, they are well and truly covered for purposes of insto raise by what already raised (ie $11.5-12.5M already locked in, retail up to 1M only - i.e. not mandatory, but more about giving retail chance to increase holdings on same term as Insto raise).
BET Price at posting:
9.7¢ Sentiment: Buy Disclosure: Held
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