Stifel has their pool of clients. 3% to sell shares to your group of buyers pitching them the idea that INO is about to start clinical trials and has the potential to create the vaccine for COVID-19.
Stifel is a reputable investment bank which offers its services for a fee, just like any other investment bank; i.e JP Morgan, Morgan Stanley, etc.
Just like when a company IPO's, you hire an investment bank (underwriter) to sell the shares, and they charge a fee.
LOL. Retail commission is free (if it's not an OTC ticker).
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