Seasoned offering, sometimes called secondary, but either way, selling shelf shares through an underwriter to raise capital. Company has offered conflicting accounts of when the offering closes, but its starting to look like July 21. Valid reasons to want more cash right now, but a lot of folks feel blindsided by the manner in which is was handled. At the end of the day, if we're commercial in 2020, it matters little other than long shareholders being used to provide liquidity for buddies at the underwriter and maybe some well connected hedge funds, who got an exceptionally sweet deal out of this while everyone else gets short term heart burn.
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