Given that Cho group were underwriters and have given up their rights to take up the shortfall, the directors are almost duty bound to allocate the small number of shares available to the very small shareholders. Anything else would be a slap in the face for the Cho people. In effect the directors have about a million dollars of value to give away, courtesy of Cho. They would be open to considerable criticism if they gave it to other than then very small shareholders.
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