Well, IPO day has come and gone with about 20,000 shares sold. I'm doubting that the next six weeks are going to see an additional 30,000 sold to reach the self-imposed minimum limit of 50,000 to call the IPO a success.
It's a bit too early to call it a flop but I hope that, if/when this IPO fails, the company will realize the folly of its ways and come back with a less one-sided public offering.
Lol, if 20k shares have really been sold, and the d00d has any scratch/connections, he'll buy the remaining 30k himself. Profit.
The company/founders weren't willing to put up any capital before the IPO, why would they now? Also, if you buy 30,000 shares so that the company can acquire 20,000 shares, that's not a net gain.