I know I keep bringing up HGEN, only because it's a similar scenario. RS to uplist and secure funding.
Anyway, they went to NASD end of September. As of Q4 2020, they have a 25% institutional ownership. One hedge funds owns a $125M stake, Vanguard owns a $28M stake, Black Rock owns a $14M stake.
I think we would prefer Vanguard owning a $28M position over someone like Crappypants or whatever his name is lol.