Am I understanding this correctly? They haven't actually SOLD the shares or raised the money. They are GOING to sell the shares. So, effectively, the company priced the shares at 6% less than what it is actively trading. In other words, they think that at this time, this is the perfect time to sell the stock at a 6% discount. Now, they have no short term debt. So, why the rush to raise cash. It's clear that they think that at these levels, it is overpriced and is a good time to raise cash.
Management is not paid to trade their stock. It's only $22million and they obviously have a need for the cash rather than go into debt. Most secondaries trade at a discount from the last sale. If they were going into the market to sell 3.8 million shares, the float cannot handle that size so they sell at a discount to get the trade done. I look it the secondary as a positive..