Rodger,My guess is the underwriter got caught with stock because...

Rodger,
My guess is the underwriter got caught with stock because 20% of the institutional holders declined their entitlement. The underwriter seems to be dumping some of this overhang into the market. You would normally hope that they could find buyers off-market.

All in all, it could be throwing up a great buying opportunity. Might even flush a bidder out ??

IVA is OK it has $70+m of the $80m it hoped to raise, so it is business as usual for them.