Well the 3.9 mill seems to be state funds, and i dont think APT would give the state shares in appreciation of its funding.
But lets just take the $26 mil number divided by the 2.7 billion shares issued to legacy investors - means they would need to sell at a pps of AT LEAST .0096 in order to just break even. Which tells me that this is going much much higher before any legacy investors decides to sell.