Shorting stocks: Mechanical aspects Message Board

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Strategies & Market Trends : Shorting stocks: Mechanical aspects

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To: Q. who wrote (49)	11/29/1997 1:34:00 PM
From: Dante Sinferno	Read Replies (1) of 172

CELLEGY PHARMACEUTICALS (CLGY)..... John , CLGY closed at $9 1/8 yesterday. On 11/19 they announced a secondary offering for 1.75M shares at $7.50 Isn't this an automatic short ? What am I missing here ? If the price of CLGY doesn't go down , one could simply buy the secondary shares and sell at the higher price , right ? They also registered 2 million shares on 9/19. I can't find where that registration became effective though. Rob

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