...those of you who would like to excersise will do so, but after 4:59pm EST it's over. Now, does this mean it's going to rise, seeing all the big wigs stocked up on thier Rights Offerings and we're going to hit that $8 gap?
It means that demand characteristics will return to normalcy and that if they don't clobber shareholders with a true secondary, the stock is more likely than not to appreciate. With the overhang of rights, some are waiting on the sidelines and others are buying rights to exercise. Next week, it will be business as usual. I feel bad for some people that did not understand the process, because you pretty much have to choose between exercising the right or selling it...doing nothing will result in you losing the rights, which do have a perishable value associated with them.