I think they are preparing to price a secondary. I remember a similar situation about six months ago where a thin small cap priced a secondary at a 50% discount to the market. If anyone remembers the stock I'd love to know.
I was looking at Briefing...On Sept 15, they registered for a sale of 3.3 million shares. It looks like it was around $30 bucks at the time. So they're selling $100 million dollars in stock, and their market cap (at that time) would have been about $300 million.
cogent (COI) priced like 75% below its market rate before it started to drop, it started to drop, the news came out, and it tanked.
Thanks. That was one of the biggest F.U.'s I've ever seen a company do to its' shareholders, but couldn't remember the stock.