sophs were probably hoping for some news flow served up on a platter following the placement so they could dump their cheap shares for a 30-40% gain. Instead, many are compelled to sell at a moderate loss. Why should I feel sorry for them?
better to see them exhaust their supply at these levels, then when the news drops the SP rerate will happen faster and be more sustainable without the overhang to contend with
Chart - SCU, page-136
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