The drop is probably not from those who bought the offering. The stock is heavily shorted, to say the least, which would probably account for some of the drop, some selling by those who don't think JCP is going to make it, some because they didn't like the dilution and who knows why else. I think the offering was very positive but if you have big funds shorting, then for awhile, they can do what they want with the stock and that's probably a big reason for the drop along with those who just don't believe they can right the ship. I like next years call options right now, short money with big possible returns.
Who bought it at $9.60 ? Thanks in advance...Leo
We don't know - - - we do know they said if was "oversubscribed" which would lead you to believe it was parceled out to various hedge funds - - - doesn't seem to be much chance of them selling the 30 day option they had at 9.60 - - -