My read is that the 16.2 million shares have been / will be...

My read is that the 16.2 million shares have been / will be issued to the underwriters rather than it being intended that D2O will run a shortfall bookbuild process. A direct approach to the lead underwriter might be the answer to determine if, when and at what price they’re prepared to sell.

Given the share price only hovering above $1.50 since the issue opened, for me it’s no surprise that there was only a 45% participation rate. The question is whether the share price will return to $1.70 ish in the next few months, thereby creating a buying opportunity at todays level.