Ann: Fluence Corp. Announces Strategic Investments in the Company, page-25

I doubt this buyer will go above 5%. If he had wanted to be known, he would taken the whole tranche of $11m.

The purpose of staying below 5% is to stay below the radar. And they will want to stay below the radar for now until the earnings milestones are reached.

If the earnings don't come in, this 4% will be a millstone around the neck. They will want to get out.

If I was the financial investor, I would have done the same. Stay below 5%. Allows me option to exit without brick bats thrown at me.

This placement has just raised the stakes for me. The earnings must kick in. Otherwise, this placee with be the overhang.