yahoo board...
Pricing The Offering @ $4.00
is still a puzzle to me! EXEL and PLUG both had similar recent offerings and both priced those above the market price of their shares. The stubbornly higher Geron SP after announcement of the offering does mean that the WS also considered that to be low. The myth is why did the management do so, especially if the cash in hand is $66M, enough to go for more than a year?!! Was it the consortium of WS underwriters that manipulated management for doing so or was it simply the stupidity of the management or was there something else? Any thoughts?
The IB (ML) searched for buyers of 20M shares and at what price ($4) *before* the stock took off with Dr. T news. Once you have allocated to your best customers at a particular price I doubt you can go back and demand more. However, you can ask that they buy more in the open market ergo the raise of the pps after the secondary? All conjecture without any factual basis. Anyone who has work on the IB side for public offerings may add some color? BTW the planing of the secondary has probably been in the works for at least 4 to 6 months JMHO
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