Listening to Ken's video he seemed confident of top 20 participation, which would leave around $2m of entitlements with smaller holders. I'm going to be pretty surprised if those aren't taken up, but even if a portion goes to the underwriter it shouldn't be too big of a deal to clear out with a bit of news. To me this looks like a larger holder flipping some shares for the options - would not be surprised if it is MAY managing their capital.
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