mouserman wrote: In normal times the FFN commons will sell off, particularly because they trade at a premium, the offering was at 7.40 while the stokc hit 7.71 today, and underwriters get shares in the offering at a discount, usually between 5 and 10% below the offering price.
BUT of late DGS did an offering, didnt dive down, and the big shortsellers were forced to cover nd send the stock up, and perhaps even the underwriters had to use the cheap shares bought in the offering to cover their shorts...if they even indeed went short.
That DGS offering was Brompton and this a Quadravest offering, so not sure on reasoning for an offering here, as they have the At the MArket buy program for those wanting big chunks at a certain market price.
MY guess is that because of the ATM program , there are now a lot more common shares than preferred, and so we may see that the offering may have up to a million more preferred shares being sold than the commons.
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NORTH AMERICAN FINANCIAL 15 SPLIT CORP. AT-THE-MARKET EQUITY PROGRAM RENEWED North American Financial 15 Split Corp. has renewed its at-the-market equity program that allows the company to issue shares of the company to the public from time to time at the company's discretion, effective until Aug. 6, 2022, unless terminated prior to such date by the company. This ATM program replaces the prior program established in January, 2021, that has terminated. Any Class A shares or preferred shares sold in the ATM program will be sold through the Toronto Stock Exchange or any other marketplace in Canada on which the Class A shares and preferred shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale. Sales of Class A shares and preferred shares through the ATM program will be made pursuant to the terms of an equity distribution agreement dated May 26, 2021, with National Bank Financial Inc."