There was no real trading ahead of the date that the offering was announced. That points to no real knowledge in the market that it was going to happen. The Friday before the stock was up .05 at .78.
I do think it was retail that took it down. There are some big retail shareholders in POET and someone with a very big position could easily sell off 10 or 25% with hopes of getting it back cheaper. I actually think this may have been one of the potential plus factors that POET saw in terms of limiting the Canadian side to a small percentage of the offering. Large shareholders who had participated in the past would be left not knowing whether they would benefit by selling right away to buy into the offering. As it turns out if that was part of their thinking then just maybe it backfired as now we had sell off plus maximum discount imposed which has not happened in any offering that was made in Canada.
