In an instance where they put a PR out to the market, the share price of the offering has already been determined and they already have the buyers commitment. Usually the offering is priced at the last 30 - 60 day average share price, - which should put it in the $3.50 - $4.00 range. If the company has any big pharma investors (which would portend a likely distribution partner), then I think stock moves higher immediately upon the announcement of a completed offering.
The offering is not usually done at the average price as mentioned. The 11,000,000 shares will be done at a price likley tonite where there is a bid for stock and at a price that company is comfortable with. As ACRX is still a micro-cap spec with no revenues or products on the market they are in need of funding (having approx. $23 mil at present) and will take a reasonable price to raise the the $30+ mil assuming interest is there. No mention has been made by the company as to a Big Pharma partnership---though ultimately it would make sense at some point to hand off the products to a larger sales force already in place.
I hope you are right that the price is set at some kind of average over a time period, and that the average is at least the $3.50 you suggest. Otherwise,if pricing is based on EOD PPS, there is just too much incentive for manipulation of these thinly traded biotechs by buyers shorting to bring the PPS down. IPO buyers usually get a discount from the current trading price (15% is typical for IPO's, not sure what it is for follow ons like with this latest ACRX offering). But it is hard for me to see investors buying this at $3.50 if the EOD PPS is $3.31 (which it is as I write this). They''d be paying a premium for the shares, not getting a discount..
This drop is bothersome because if the offering price comes in anywhere near the current PPS, then the new investors don't seem to paying up much at all for the lessening of risk that came from the 11/14 announcement on the phase III.
As far as I can tell the SP hasnt been established and the company is the sales agent . IThey may sell shares as needed not as one offering. It may be a move to load the gun with powder but not shoot it yet.