Securities,
Corporate
Jul. 26, 2021
At-the-market offering program: a strategic financing tool
Undertaking a traditional underwritten registered offering can expose a company to the risk of a “closed” window. A closed window is when the market is just not receptive to new offerings or will only entertain a deal with a steep discount to market price. An “at-the-market” offering — ATM — program is one capital markets financing tool that a company who is S-3 or F-3 eligible can use on an as-and-when-needed basis.
Sara L. Terheggen
Founder and Managing Director
The NBD Group, Inc.
UC Berkeley Boalt Hall
The NBD Group, Inc., a leading legal and business solutions firm. Dr. T has advised on transactions with an aggregate value of more than $110 billion, including more than 20 IPOs, and she has been recognized close to 50 times for her professional expertise and leadership.
Undertaking a traditional underwritten registered offering can expose a company to the risk of a "closed" window. A closed window is when the market is just not receptive to new offerings or will only entertain a deal with a steep discount to market price. An "at-the-market" offering -- ATM -- program is one capital markets financing tool that a company who is S-3 or F-3 eligible can use on an as-and-when-needed basis. An ATM program allows a...
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