nyc314 - in an effort to become un-fuzzy I checked a couple of sources and found some terminology confusion. Wikipedia has a "secondary market offering" as one in which current share holders (insiders, institutions) sell their shares on the seconday market. They are the recipients of the receipts from the sales. Investopedia describes a secondary offering as one that is subsequent to the IPO, increases shares outstanding, and dilutes the share value of the owners of previously issued shares. The proceeds go to the issueing company. Since Westport is receiving the receipts from the share sale, it looks like these would be new shares and therefore dilutive. Thanks for prompting the research.