The shares were SOLD at $12. There are no more from AHT. But, there could be resistance from buyers who just want to break even. Sometimes people buy up the secondaries because not everyone can and they often get a chance to flip them at a profit.
I presume the secondaries are mostly for customers of the firms listed in the prospectus and that "outsiders" would not be able to buy if it was oversubscribed. But, Ive never even attempted to buy in a secondary.
About 27 some odd years ago, I bought 100 shares of an IPO with some firm. At $11.25 or something. Turns out it wasnt a hot offering and I could have bought shortly after at $10.
I later compared all firms offerings and opened an account at a scam firm and bought one of theirs. Getting my certificates took about 6 months and many complaints and they simpy refused to sell my shares.
DH Blair was the scam firm, I knew what they were going in. And I knew Id have trouble getting my certificates. But I also knew I eventually would and I would eventually make money.
I was LONG gone before the coppers were on to them.
Two years after D.H. Blair & Co. ceased operations, a New York grand jury indicted the retail brokerage firm and several of its executives and employees on racketeering charges, prosecutors said Thursday.
And just to clarify, the ceiling/floor depends upon before or after anouncement. The offering will always have to be below the current market price before anouncement but post anouncement the market price drops down to or below the offering price.