OpenFollowOn: Frequently Asked Questions
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How does the OpenFollowOn auction process work?
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WR Hambrecht + Co's OpenFollowOn ® auction is an interactive uniform-price auction for conducting follow-on offerings. In an OpenFollowOn auction all successful bidders pay the same price per share. Bidding occurs at or above a specified minimum price at $0.01 increments. Institutional investors participate directly in the online interactive auction. To ensure the successful entry of a bid into the auction, individual investors must call in bids to a customer service representative at least one hour prior to the start of the interactive auction. |
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2.
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When will an OpenFollowOn auction take place?
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Auctions will take place after the close of the day's trading in the equity's principal market. Auctions are expected to commence at approximately 4:05 pm Eastern Time. All auction dates will be posted on the current auctions section of this site. |
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3.
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When will the auction be open for bids?
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WR Hambrecht + Co will accept bids from retail investors at any point following the announcement of the offering up to approximately one hour before the start of the online auction. More specific information will be posted on our website.
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4.
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What does it cost to participate in an OpenFollowOn auction?
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There are no commissions or fees charged to investors for participation in an OpenFollowOn Auction.
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5.
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Do I get shares at the same price as the institutions directly
participating in the auction?
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Yes, the OpenFollowOn auction is a uniform-price Dutch auction. All successful bidders, individual or institutional, receive shares at the same price. |
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6.
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How can I learn about upcoming OpenFollowOn auctions?
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Check the Current Auctions section of the web site, or sign up for email
alerts.
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7.
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Can individual investors participate directly in the auction?
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No. At this time the online interactive portion of the auction is restricted to institutional investors. Individual investors may only participate by placing orders with a specified price and quantity a least one hour prior to the start of the interactive auction through their participating dealer. |
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