I agree. They probably set up the deal when the stock was around $1 and justified the higher price for the offering based on early data that they presented to the institutions. It’s also possible that much of the buying yesterday was by people connected to the deal and in the know about the data.
The volume yesterday was much higher than today so in theory only a portion of new holders unloaded their position.
I think this may tread water tomorrow while everyone waits for the conference call.
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