JP Morgan has 5 million shares of the new issue to dump and they want them gone as fast as possible for as much as possible. Had they let the price go up they would have sold far less shares.
They paid $4.70 each for them as they got an underwriter fee of .30 per share off the $5 price.
I guess they figured .40 cents per share was about all the suckers would pay for it with any meaningful volume.
Now they have some extra breathing room to get rid of the rest if they need it. They will control the PPS up and down to generate volume until they unload the rest. I would not be surprised to see a 10 million share volume today.