OK, here's my take on things.
Usually the company would provide a Presentation to Institutions (i.e. up sell) of what the future potential looks like.
I suspect this up sell worked given the current COVID-19 situation in the U.S. and they were prepared to pay the increased US$5 price, rather than a weighted average (which is more typical).
As someone previously mentioned, on the 27/05/2020 (3 weeks ago), there was another US$8M placement to Institutions at US$2. These guys/gals have now netted themselves 150% return in 3 weeks, or US$12M!
According to last year's June 2019 Annual Report, "HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED" was the largest shareholder with almost 57% holding. I assume this is on the ASX Registry.
However, the recent announcement on 12/06/2020 showed "Bank of New York Mellon Corporation (BNYMC Group)" had 67% voting rights. This will have been reduced given the current US$5M placement, unless of course they were one of or were the Institution in the recent placement. I assume this is on the NASDAQ Registry.
Clearly there's some big players with big ownership and the majority of the trades are bit players!
It will be interesting to see if there's another new "Notice of change of interests of substantial holder" for BNYMC and it will also be interesting to see if there's been activity with the ASX Registry Top 20 Shareholders in the June 2020 Annual Report.
Now, keep in mind this is all in addition to four announcements on the 03/06/2020 where Directors put their hands into their own pockets and bought shares on market. They have doubled their money in six weeks!
Doing a bit of research within those announcements, GTG Directors certainly have some skin in the game as well (good to see)!
(20min delay)