My initial thought was possibly they were getting some tax advantage by doing it this way. With that said, I have not been able to get my head around how that could be the case, so I am probably completely wrong. There will be some smart logic behind it.
While I am not 100% happy with this way of going about it, they got the money which is the important thing (with no massive damage to retail holders). It is also a much better explanation than a single investor getting all their shares at 4.2 which would have been very ordinary (but thankfully not the case).
GMV Price at posting:
7.3¢ Sentiment: Hold Disclosure: Held
