RE:Carlito's Prescience A bought deal is not always bad. Raising cash “responsibly” can be beneficial to the company long term. So the market may actually like the news, or simply don’t care. The important bit is the terms of the secondary offering. How much dilution, at what price, are there warrants issued etc. Why would the buyers manufacturer the run-up as you say to simply buy it at a higher price? Maybe they want a bigger piece of the action at a discounted price .