In terms of the rules, no disclosure on 504 deals are necessary, so we may never know the details. What you say, we are somewhere in between....that the investors DID get a discounted price, but what happens afterwards is anybody's guess, they just become shareholders no different than you or I, to do with them as they please. (unless INXR made their own deal with them, undisclosed)
They may have sold off some by now, or not.
"private placemants" on exchange listed stocks have different rules where you see the details spelled out
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