Delivery of a Prospectus for a Follow-on Offering
If the securities are currently traded on a National Exchange or on NASDAQ, purchasers of the new securities in the public offering need to be provided a prospectus. Once the securities begin trading in the secondary market, the securities do not need to be sold with a prospectus.
If the securities will be traded on OTCBB or the Pink Sheets, purchasers of the securities need to be provided a prospectus for up to 40 days.
Additionally, broker-dealers selling new issues of non-reporting companies must provide a final prospectus to anyone who requests it for up to 40 days after the public offering.
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