<<RVNC underwriters* exercise $30M greenshoe option>>
Isn't it a bit unusual to exercise the greenshoe at the beginning of the 30-day option period? It's like exercising any other option prior to expiration, generally one doesn't do that. I would have thought that it would be typical for the underwriters to short the stock above the offering price (or more likely, just overallot to their customers assuming sufficient interest, which there should certainly be if the stock if trading above the offering price, as here) and then cover later by exercising the shoe or, if the stock trades under the offering price, by purchases in the open market (which has the happy effect of both enriching the underwriters and supporting the price). I suppose if someone was absolutely confident that the stock will trade above the offering price for the next 30 days, it would make sense, but how could that ever be?
I do admit I did not actually research the question or seek actual data, just flapping my gums.
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