RE:RE:RE:c-band auction already has tripled some expectationsNo no, this is not correct. First off, the offering was not even fully subscribed. Go to the SEDAR filing dated December 18, the 45-106F1.
If you look on page 5 (item 7) you can see that they only sold 4,819,275 units--i.e., less than the 5 million they were planning. There were 180,725 units that had no takers.
This, by the way, would explain why it took three weeks for them to report on the closing of the offering. They couldn't get it closed and finally they gave up and took what they could get.
Note that buyers had to be "accredited" investors. That might be the explanation if some people who wanted to buy got the brush-off from their broker. But this wouldn't be an issue for insiders.
If someone told you the offer was sold out right away then they were misinformed.
Insiders had plenty of units available for purchase. Indeed, they were probably being politely pressured to buy in order to make the optics of the whole thing look better.
Note also that the two insiders who DID buy, Jeffrey Royer and Randy Dewey, would have had little choice in the matter. Outside investors (and the underwriters) would have insisted upon their participation. Without it the whole thing would have collapsed.
Note that the total insider purchases were just enough so that by rounding up to the nearest $100,000 the company could say that insiders bought $1.1 million, the bottom end of range given in the November 24 press release that announced the offering.