Anyone who wanted RRL shares has been able to pick them up below...

Anyone who wanted RRL shares has been able to pick them up below $2.70 for weeks now, plus various parties (the underwriters particularly) have a lot of stock they probably don't want to hold long term so are likely to start trickling it into the market for a while, that's the overhang. There's also general uncertainty so a few people selling out because RRL is no longer what it was.

On that basis you have a bunch of people looking to unload (including the underwriters) with no one in any particular hurry to buy (simply because they already have their fill). Personally I quite like these situations because this period can lead to a temporary price depression.

I recall a similar thing happened with MTS around 12 months ago (temporarily drifting below the raising price) and I took the opportunity near the lows. I even think the raising price of $2.70 was the same or similar. I'm hoping for a repeat here but I'm less confident with this one, at least until we start seeing some positive consolidated production and cash flow reports.