If Rory’s “institutional investors” all planned on 4-10 year “holds” he could have forgone the S-1 and sold restricted stock for the ridiculous discount he had to with this offering. It only would have meant they had to “hold” for six months before being able to sell.
But that is not what he did. They filed a registration statement to make the newly issued stock immediately free trading.
That is why the current pps is ridiculous just as the run to $17 was and the run to $3 pre split was.
The offering shares would be sitting on 100% gains right now...and nobody is going to let that sit on the shelf.
When the dilution starts it will not be kind to the stock.
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