The announcement sounds like the company is getting nervous. Probably because there is not a lot of buffer in their liquidity plan, so they really need the $9 MM retail portion that is not underwritten.
The underwriter will likely update them daily on the status of the offering. So the fact that they are panicking probably also means that they don't have received many retail commitments so far. The signaling of this announcement is terrible though. They are not well advised by Moelis/ FTI/ Hartley's etc.
The announcement sounds like the company is getting nervous....
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