00:00Try and explain it. There's basically a process that happens in the weeks before an IPO and there
00:06has been a miscommunication in that process. Yeah, we go back to May and all these banks
00:12were compiling orders or at least indications of interest. So when you're talking about tapping
00:17retail, promoting this across your retail channel, saying basically let us know if you're interested
00:22in buying SpaceX and how much you would want to buy. Well, I did that and they said, well,
00:26we have more than a billion dollars of demand from these indication of interest. They submit
00:31that to Goldman Sachs, Morgan Stanley, the big banks running the initial public offering.
00:35And according to Bloomberg reporting, they thought that's all they had to do, except when you get
00:41closer to the launch and closer to the pricing dates in June, you need to actually show up with
00:47an order book. So according to our reporting, the bank never submitted actual orders on behalf of
00:54its clients. So more than a billion dollars that was indicated in interest, according to Mirai,
00:59never actually was passed along formally to Goldman Sachs and Morgan Stanley. Therefore,
01:04they get zero. It certainly was an interesting update and something a lot of people were questioning
01:09when we saw the initial distributions.
01:11Bailey, real quick, there are serious repercussions for Mirai. What do we know about the fallout from this?
01:18Yeah, the regulators in South Korea are looking through what this ultimately could mean,
01:22not only for the bank, but kind of for the entire distribution. It's something that I think we will
01:26see a formal kind of ruling, a formal investigation conducted. It remains to be seen when that will
01:34come out. But that's certainly that's top of mind, again, for the entire organization and really for
01:38everyone who's a retail trader in South Korea.
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