According to the gumpth, it is the lesser of the two.
1. 31.5 c. or
2. A 5% discount to the VWAP over the 5 day pricing period.
So if it reaches 40, the lucky retail investors will still only pay 31.5.
That's my take.
According to the gumpth, it is the lesser of the two. 1. 31.5 c....
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