azure 32.5mil bookbuild, page-3

Well, I don't believe that azure would hang on to 32.5mil axm shares - don't believe that they have the financial capacity to hold long or short, nor do I believe that holding is their core business. If my view is correct, they need to find a buyer for 32.5 mil axm shares yet to be issued.
If I was major shareholder with the ability to forcing down the sp, I would do so to get my hands on azures underwriting obligations. Don't know, just a possibility to explain recent sp activity??????