RPRX-
I can answer questions as to why I think it's fantastic news.
1- it's less uncertainty now, when we know that it's going to go off in the 12-13 range rather than taking risk of waiting, and having general malaise in the market take it down to 10-11 or whatever. Assuming that the need for cash is constant the "dilution" now is better than later.
2- regardless of what the market thought, they did register 5M shares. Probably less than that was priced in, but I think more than half was, we'll see.
3- Road shows are now occurring, and the increased exposure to all manner of insitutions is a very positive thing.
4-overhang from any financing is tangible, and although some issues trade lower, depending on placement as much as anything else, IMO, the overhang will likely be gone when they announce completion, don't forget that by any reasonable metric it's undervalued, and there has likely been insitutional interest in when and how much they could get during this offering. If there's a lot of interest, they have to go to market to get/top off their desired positions.
5-The offer will likely go at market, because of the lower volume now, and oversubscription will also be a boost of consfidence, especially without any significant discount.
