Why didn't they release preliminary guidance before pricing secondary at a 17% discount to prior close?
Usually you price a secondary 3-5% below prior close on a reasonably priced issue. They could have pre-released subscriber and revenue numbers (doubt books closed on the rest), but took the cash at a massive discount. I would either be concerned that quarter is bad or that even mgmt believes the stock price was substantially overvalued.... My guess being either a mix or just the latter.
I'm no expert in these matters, but the stock certainly had run up substantially in recent weeks absent any big news that I saw. During the many years I've been a NMRX investor management has always been very careful not to "hype" the stock in any way - perhaps overly so. Obviously people in the know believed the rising price to be reasonable, and the new issue was snapped up. Given that Stratton and his family own by far the largest number of shares, I trust that his primary interest overall is to increase the long-term value of the company.