Addendum re underwritten offerings vs direct placements:
If anyone is ever unsure which category a given deal belongs to, check to see if the deal includes an underwriters’ option (typically a 30-day option to sell up to 15% of the pre-option deal size). If it does, it’s an underwritten offering rather than a direct placement.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”