Hi Galilee,
Who do you think was selling last night? I can't understand taking part in an IPO at $5 and then selling on day one for $3.50. Even if they keep the free warrants (that are currently worth 80 cents each), they are still making a loss if the warrants never come into the money. Also, if you thought the warrants were going to be in the money, why would you sell the shares?