Those who sold their shares after hours and below the closing price on the Innolux news are really uninformmed and paniced.
First this is not really news as it was known. They should have sold during the day and they could have gotten a better price.
Second, this is great how they are doing this............basically a private placement rather than selling the shares into the market. But, why so many managers/underwriters? Perhaps they have all expressed some desire for shares???
"Citigroup Global Markets Inc. will act as global coordinator for the offering and Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Chardan Capital Markets, LLC and Credit Suisse Securities (USA) LLC will act as joint bookrunners for the offering. Oppenheimer & Co. Inc., Rosenblatt Securities Inc. and Craig-Hallum Capital Group LLC will act as co-managers for the offering."
And, why no online prospectus? What is the minimum number of shares to be purchased and what is the offering price. Heck, some of us might want to fill out our holdings if these are going to be sold at a discount to the market price. And, perhaps some of the shorts might think about buying here to cover????
Finally, will these close before or after the dividend record/effective date which is generally early July (announced by mid-June but record date is early July). Giving up the dividend will cost Innolux but it would also serve to entice buyers.
So, this is net good news that these shares will be privately placed and not sold into the general market. I would love to see the prospectus as the offering price and the effective date of sale vs. the dividend record date are intriguing.
I think the short volume for 31-May will be released tomorrow. I wonder if it went over 3 million shares?