How about saying the offering is 1 for x shares you hold. But give people the opportunity to invest more in case of undersubscription.
That is the way they have traditionally been done - and it is so much more clear than the mess this is. You can't even divide by cap as that includes institutional holders, when this is just a subset, which isn't defined. This is high on opaqueness.
CCP Price at posting:
$18.10 Sentiment: Buy Disclosure: Held
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