If it falls even 13.5, you'd have to buy.
$4m divided by $15,000 is 266.
That's only 266 shareholders to apply for the full amount until the book is full and then scale back happens.
Pure speculation but you'd expect people will apply at those discounts and everyone will be lucky to pick up $5k worth so buying on market is the better option here, even with brokerage and a bonus option for every two shares picked up.
Ann: TNG Announces Share Purchase Plan and Options Offer, page-45
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