Yes, I think I answered my own question, just thought there would have been enough O/S to sell...
Otherwise is it a way to keep all things equal on the playing field when all of the different entities are merging together?
And these don't need to be registered?
BREAKING DOWN 'Private Placement'
A private placement has minimal regulatory requirements and standards that it must abide by. While it is a capital raising event involving the sale of securities, it is a method of capital raising that does not have to be registered with the Securities and Exchange Commission (SEC). Its investors include a small pool of entities and individuals. The investment does not require a prospectus and in many cases, detailed financial information is not disclosed.