To get an idea of how it will work with BLCM, you can check how it worked in other IPOs, like FMI: From the last S-1/A before the IPO: http://i.imgur.com/Bn7y0fu.png From the 424B for the IPO: http://i.imgur.com/CeMP8t0.png Now (note the red box in lower left): i.imgur.com/yOySFEDl.png