Yesterday, before the market opened, FLNC announced a share offering, which caused panic in the Futu comment section. Then today, someone came out to explain it clearly. Turns out JPM and other investment banks bought 20 million shares from the original shareholders at $21 per share, then distributed them to the next tier of hedge fund companies. Same playbook as WDC back in the day—selling SNDK to GS and JPM at an average price of $535. So, congrats to the shareholders with an average holding price of $21—you’ve scored $500 Sandisk!