When a company does a secondary you have to apply for the secondary to be a part of it. It is the same as if it was ipo'ing. You put in your forms and when it goes through you get it at the offering price. You can't randomly say "well the price is 10 right now but the offering price is 9.50 so I should be able to get it for 9.50" Doesn't work that way. Sometimes the stock drops after a secondary so you can pick up shares at the same or below the offering on the open market.