I've watched secondaries for years due to a old business partner who traded them with some consitancy. He shorted them on the annoucment then covered on the day of pricing. neverthess, post pricing they drop to the price of the offering. They usually churn thier for sometime finding a new support and base. large offering are usually back stopped as the institution subscribers protect it. rarely do they substantially below the offering price. SGYP is a tad unique as alot of money was here for a buyout / partner event thus some addtional selling pressure. nevertheless, I don't see SGYP going that further south as it should have some stability here. although , if the macro markets change direction, high rish assets like this will be the first to be sold as it will create a flight to safety. more blue chips / divi plays. Thier are exceptions to the rule were a stock can really move up usually due to over demand of the offering or as they call it over subsribed. this is rare in my opinion not the case here. i'm out for now. I sold the day after the annoucement . i should have warned more people. yet, i was surprised the offering was at such a low PPS. it shows you how the markets dictate price. in this case what subsribers were willing to pay. And you can trust when cerrone and team went on a mini roadshow to raise capitol they investment houses got a look up the skirt ( all the facts, risks and game changing events ) and still were only willing to give it a 300mm market cap. smart money can be defined as informed money. if you have patience i still believe it could be rewarded here. just going to take more time for the story to develop. remember don't hate the players hate the game.