I think you overestimate the stock market smarts of some of...

I think you overestimate the stock market smarts of some of these 708's. The criteria someone must meet to qualify as a 708 is by todays standards are fairly easy to meet.

A lot of the 708's are just offered their part of the raise and like you say go off no paperwork. They take up as much as they can even though they literally know nothing about and don't care what they are buying into because 9 times out of 10 these raises are easy money. Usually get big discounts on the share price and free options - like our raise just there's no discount. I think ours had some offered to retail because they were going for a higher amount otherwise we'd have been excluded as usual........

Because it's a quick flip for them you rarely see 708's holding long unless it becomes a free carried parcel. Sometimes they will sell out of the stock and just hold their free options going forward

Definitely not hating on this it's just what it is part of how the market works........