RE:New investor, went big yesterday.A share overhang means that there is a large black of shares block of shares that are owned by someone that market participants believe will be sold either all at once or gradually into the market.
in SPB's case these blocks are from the PE firm that sold them Certarus as they most like had Certarus in a Fund that will be liquidated and from M&B which previously sold 13 mil share (I think) into the market. The have another 20 million shares.
What some investors do is if there shares are "locked up" ie, are not allowed to sell for xx days because of some agreement is they will "borrow shares", by paying a fee to another market participant and sell those shares into the market, while at the same time holding the shares they own. Once those share become free traded they deliver their previously restricted shares to the person they borrowed from amd the shorts are closed.
another popular hedge fund strategy is to short borrowed shares and then wait for one of these blocks to hit the market through a secondary. They then buy a bunch of the secondary and cover the shorts. Theoretically the secondary is priced at a discount to market and as such they lock in a spread.
GLTA