At-the-Market Offerings


Summary

This practice note discusses at-the-market (ATM) offerings, which are a type of shelf-based registered offering under which an exchange-listed issuer incrementally sells shares of its listed securities directly into the market at prevailing market prices. Different broker-dealers apply different names for ATM offerings, such as “controlled equity offerings,” “dribble out facilities,” or “equity distribution programs,” but the key features of the majority of these programs are generally the same.