<22 million shares. I don't even know how that is possible. The 16 million offering can't be trading. and I thought they had 32 million total outstanding previously. Is this day trading?>
I noticed that as well; Volume was astronomical. Think of it this way: Out of the 32M shares out as of Fri, 22M changed hands at a price less than the $7.40 "Gross" offering price, including the "in session" flippers who day trade at least once on Fri. And this DOES NOT include secondary which are not reported in daily volume figures until the secondary closes and the shares are traded on the exchange.
People who keep saying this volume include the secondary shares are WRONG. Those shares do not show up until the offering closes. The good news is that most of the current shareholders bought the stock in this price range or slightly higher and may look to get close to the offfering price before bailing. We will see.