@caemeroon A few possibilities: The shares are being gradually sold into the market in smaller blocks to avoid tanking the price with one huge 7.8M share block. This would explain the lower volume. There could be a delay or change in the timing of when the new shares become available to trade for some reason. Offerings don't always happen exactly as initially announced. Buying interest is absorbing the new supply without much impact on price or volume so far. The strong price action, up over 2% on an offering announcement, suggests demand is overcoming the dilution.

@caemeroon I don’t think you understand secondaries. The buyers are getting the shares directly and won’t sell on the open market unless they get scared.