You are talking secondary IPO so look at others with SPO. Yes, it is dilution as more shares are in market but if you look at other SPO they don't effect PPS by any great amount. That's because the capital raised is used for some benefit, like expanding operations, paying down debt etc. Also, some SPOs don't get publicly traded. In other words, it depends.
That said, what impact does it have on short shares? On shares held not for sale? I still have shares "not for sale" along with millions of others!
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