Private offerings can be done with a firm looking to raise extra capital. There are some positives and some negatives to private offerings.
A buyer of an offering generally gets a little better, lower price.
The shares are generally restricted and not liquid for trading. Been stuck in stock I couldn't sale.
When word of a private placement gets out, the next quarterly report generally, it tends to tank the stock if the buyers are "run of mill shareholders".
The company is generally in a bit of trouble if they are doing "sneaky financing". I would much rather have them get funding from straight up sales of stock.
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