NightHawk Biosciences Inc (NHWK)

[nsomniyak]

The way I read it, the 15th was the "record date" for subscription rights related to the new offering.

Essentially, subscription rights allow existing shareholders to maintain the % ownership they have in the company by buying the same % of any new offering. Shares purchased after the 15th in the open market do not carry the subscription rights for the new offering. (Technically, purchases would need to have settled by the 15th, but it is easier to explain using trade date). This is much like the record date for a dividend - the company has to set a date on which they take a snapshot of holdings which will be the share distribution used for the corporate action (dividend, split, noew offering, etc.).