The Offering was probably oversubscribed. RPRX sold 2.61 million shares in the offering. The bankers sold 3 Million shares and are now net short, to the tune of 400 thousand. Notice that the Greenshoe was 15 percent. 2.61 X 1.15 = 3 Million. This serves two purposes; one it allows the bankers to hedge, and it will serve to support the price. If the price stays above (in this case) 13.75 for a few days, then they buy it from the company then announce that the overallottment has been filled. If the price falters, then they buy the extra (400 thousand in this case) in the open market, covering their short position, and the overallotment is NOT filled.
This is why it didn't get announced immediately, and they almost never do, so I was informed.
Recent RPRX News
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