There is an unusual trading opportunity here, while we are waiting a few days for the offering to close. The market told us the shares were worth $4.10 prior to the offering being announced. The price has sunk to the offering price of $3.70 because the offer has temporarily fixed the "market" price at that level. But when the offering is completed (and assuming sale of all over-allotment shares), the weighted average market price will be $4.04, about 9% above the offering price. And of course the PPS could go much higher, given that the company will then be better positioned financially. Buying now at around $3.70 is a way to acquire these shares at a nice discount to the mathematical FMV, a situation which infrequently arises.
