$IZEA So as I read the S-3, the max of any offer can only be 1/3 of the public float. Which means as it stands $23M/3=7.6M. If they do direct offering then the float will not change unless the investors immediately sell. The offer price is usually a 5 day average of closing SP which is around $0.55. You would want offerings to be direct knowing that these investors have an inside edge to a growing company. Public offerings increases the OS and public float which dilutes value.