The offering of 3.475 million shares by Cadre Holdings, including 2.2 million by the company and 1.275 million by a selling stockholder, could dilute the value of existing shares. However, it also represents an opportunity for the company to raise capital, which could be used for growth or operational improvements. The net impact on the stock price in the short term is uncertain, as it depends on investor perception of the company's growth prospects versus the dilutive effect of the new shares.