Avid Bioservices Inc (CDMO)

[learningcurve2020]

Minimal management involvement. At-the-market
offerings require no “roadshows” and involve
only limited prospectus preparation and delivery
requirements.


Regulation M
Generally, most at-the-market offerings are
conducted for issuers that meet the ADTV test. In the
case of securities that do not meet this exception, one
must analyze each at-the-market offering based on its
magnitude and whether it involves special selling
efforts that would make it subject to Rules 101 and 102.

Note that Rule 104 of Regulation M prohibits
stabilization activities in connection with at-the-market
offerings. In addition, most at-the-market offerings are
“best efforts” offerings, which are exempt from the
short sale restrictions of Rule 105 of Regulation M.

http://www.mofo.com/files/Uploads/Images/FAQAtTheMarketOfferings.pdf