Ann: Crowd Mobile trading update, page-146

I think you are spot on, Seanna. It was clear with the lengthy suspension, that CM8 had to work very hard to get the deal over the line, hence the vendor finance. As someone stated before, "the acquisition is just a little more expensive than originally planned" and this has led to some underwriters gaining more shares than anticipated in the RI and the inevitable selling after the RI.
I think the change in debt structure has unnerved some investors however within 7 months they will have paid of$7 mil of debt. I originally expected a full month of churn with the original proposed debt structure but think now that it will be a couple more weeks before we can break free.