Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of RCS Capital Corp (NYSE: RCAP) are trading 10% lower today following the company's pricing of a previously announced secondary stock offering.

So what: RCS and controlling shareholder RCAP Holdings will offer a combined $486.3 million in shares at $20.25 per share, with $384.8 million of the proceeds flowing to RCS and $101.3 million flowing to RCAP Holdings, with underwriters granted an option to purchase up to $72.9 million in additional shares from RCAP within 30 days. This is lower than the earlier estimates of $594.8 million in gross proceeds -- $446.1 million to RCS and $148.7 million to RCAP Holdings, with an option of $89.2 million -- and the offering price of $20.25 per share is roughly in line with where RCS is trading now.

Now what: RCS has endured a brutal month, as its shares have lost almost 45% since early May and are now nearly back to their IPO-day price from last year. However, the company's revenue and free cash flow have both grown significantly over the past two years, and RCS is now as cheap as it's ever been in its short publicly traded life. Since RCS plans to use the proceeds to make acquisitions, it's likely to only strengthen its financial position with this offering. If you missed out on the stock's big pop and subsequent collapse, now might be a good time to start looking a little closer at RCS.