This time Regal is a 12% holder, not a short-lender, so I wouldn't worry too much about it .
It is, however, the management's communication style that made me concerned: We all know the early stage T/O discussion is confidential so the company can't reveal much details, but at least have some brief chats with shareholders letting them know there are something the company is dealing with.
Ann: Change in substantial holding, page-5
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