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At-the-market offering
An at-the-market (ATM) offering is a type of follow-on offering of stock utilized by publicly traded companies in order to raise capital over time. In an ATM offering, exchange-listed companies incrementally sell newly issued shares into the secondary trading market through a designated broker-dealer at prevailing market prices.〔Bass, Berry & Sims PLC. ("Capital Markets Trend: At-the-Market Offerings" ), 2009. Retrieved on 10 December 2012.〕 The broker-dealer sells the issuing company's shares in the open market and receives cash proceeds from the transaction. The broker-dealer then delivers the proceeds to the issuing company where the cash can be used for a variety of reasons. A higher stock price means a greater amount of money can be raised. The issuing company is able to raise this kind of capital on an as-needed basis〔Goodwin Proctor LLP. ("At The Market Offerings: Raising Equity Capital in Volatile Markets" ), 2012. Retrieved on 10 December 2012.〕 with the option to refrain from offering shares if the available prices on a particular day are unsatisfactory. ATM offerings can be started and stopped at any point, and they can also become more aggressive by selling more shares and raising more money when there is an opportunity in the market or additional need by the issuing company. ATMs can be positioned in advance of an upcoming liquidity event or major milestone to take advantage of increased liquidity and a rising stock price.〔Morrison & Foerster LLP. ("FREQUENTLY ASKED QUESTIONS ABOUT AT-THE-MARKET OFFERINGS" ), 2012. Retrieved on 13 November 2012.〕
==Advantages & Disadvantages==
ATM financing strategies provide control on the timing and amount of capital raised. Compared to a traditional underwritten offering of a fixed number of shares at a fixed price all at once, ATM financing can be ideal for raising general working capital, funding specific projects, funding R&D, and paying off debt when needed.〔MedCity News. ("At-the-market Offerings for Biotech Funding? Review 4 Quick Perspectives" ), 2012. Retrieved on 10 December 2012.〕 An at-the-market offering is generally less expensive and less complicated to execute because there is no need for road shows and other public relations events. However, because of the “dribble out”〔McCarthy, Dennis. ("ATM – At the Market Offering" ), 2012. Retrieved on 10 December 2012.〕 nature of ATM offerings, they are a poor choice for a company in dire need of financing or for a company without an actively traded ticker symbol or imminent news releases.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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