Some discussions with share holders at work have come up with another possible scenario as to what we are seeing.
IMO, What is 5% of 75M shares about 37.5M. Could the Preferred "C" share holder be squeezing NEOM to make a deal with them. This would be the only way that they could hurt NEOM for not making a deal or by using their market movers.
This big player wants a deal and they want it cheap!
IMO, If you want control of something you cannot have, you squeeze them where it hurts, in this case it would be NEOM's share price.
5 potentials Nokia MSFT Qualcomm News Corp. Symbol Google
In my mind there are only a couple who could have the MM to do this type of manipulation.