My guess is that when management own 40% shares its very hard (not saying impossible) that they can hurt themselves with public offering or with toxic convertible debts.
More realistic, as no-dough said, they will adopte same scheme used by RELY.
Remember that per protection of the tax benefits, no one can take a stake >5% otherwise their position will be diluted.
So, maybe they will offer just a small amount of shares to private investor or maybe private placement (that could be with shares or options).
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