Current volume is 7m units and it's still only 1:30pm EST.
With daily average volume in the tens of thousands it does look like they have been dumped on the market. Maybe they plan to sell all 11.2m units today.
This doesn't impact distributions at all, so treat it as a buying opportunity if you had wanted to own or add units. I did add some today and will consider adding more if the price drops to the low 12s.
The bright spot is that if they do manage to sell all 11.2m units today then the selling pressure should be over. So keep your eye on the volume and maybe buy when the volume for the day passes 10m.
This isn't dilutive; it won't impact their ability to pay out distributions. This is a great thing. This stock needs more liquidity. Trading below the offering price is a bit silly and primarily fear/frustration based.
it is a shame people don't understand secondary offerings which basically just take shares ALREADY outstanding from a larger owner and put them in the hands of the rest of us who buy them. so it increases market supply of shares for a while- but in the long run probably is better than having an overhang of potential sales like this.. same nonsense is going on on the ROYT board, their large holder sold some, shares went down but there is no dilution or change in the Trust. omg.. for those w interest in owning some NDRO and ROYT or buying more, it is a gift really..