New 5% holders who file a 13D have to do it within 10 days, however, there is the option of a 13G in which a qualified institutional buyer who makes a new 5% up to 10% position can wait to file until 45 days after the year-end, per below. If an entity took a 10% or greater position though, we would know by now, so it's safe to assume Adage did not participate in this offering.
"The following investors are eligible to file short-form Schedule 13G in lieu of Schedule 13D:
“Qualified Institutional Investors.” Registered investment advisers, registered broker-dealers, registered investment companies, banks, insurance companies, employee benefit plans, pension plans, savings associations and church plans are deemed “qualified institutional investors” and are eligible to file Schedule 13G in relation to securities they acquire in the ordinary course of business. Qualified institutional investors must file Schedule 13G within 45 days after the end of the year in which they cross the 5% ownership threshold."
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