ATM Action YesterdayI think we will see a press release early next week, confirming that APHA sold 15mm shares into the public market yesterday on both exchanges with a weighted average price of CAD$7.50 raising $100m. If that is the case, it will turn out to be excellent timing, as the bankers involved in the ATM sale took advantage of a very high volume day for the sector.
It looked like the decision to trigger the ATM happened at around noon and lasted until about 2:30pm. Its sold down from $7.98 to $7 on very high block volume and then retraced upwards to the close and after. Lots of institutional buying occurred during that window.
I'll bet we see an open at $7.50 and finish the day over $8 on Monday - assuming the other earnings don't cause a sector wipeout.
Good luck to the longs - JRMJ