Underwriters typically support the price of a secondary very well. No way I'm selling under $25. Imo this is kinda like TSLA a few months back trading in the $80's for a few days after pricing a secondary at $92-ish.
Idiot. Underwriters get the vig and make the spread. This can be enormous. In this case: Short at the market price and cover at 25. They usually get the shares at a discount, in this case they got them at 25.