Series 79: Standby Equity Distribution Agreement (SEDA)

Taken from our FINRA Investment Banking Exam

Definition of the term Standby Equity Distribution Agreement (SEDA)...

a type of PIPE in which the buyer is pre-arranged. Shares are periodically issued in tranches, and the issuer may sell all, part, or none of each tranche to the buyer. In exchange for committing in advance to purchase the shares, the buyer pays the issuer market price minus a discount, often 5%.

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