if the offering was oversubscribed in full then the underwriter could excercise the overallotment in full to cover the 600K shares purchased by buyers, paritcularly in a case like this where the market price is above the offering price and the underwriter would effectively be sitting on a short position to the tune of whatever was sold over 4M shares. it would have been nice to see the full overallotment filled as a gauge of market demand for mnta stock. but as jbog points out that doesn't explain why UBS et.al would leave money on the table since - even with a low float stock - they could sell short shares for another 2 weeks at market price and then cover at strike price for a guaranteed profit. so the only thing that makes sense is that they have some inside info percluding them from engaging in buying/selling of mnta stock. as an investment house i think it is most plausible that they are in the middle of some negotiations involving mnta
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