Series 53: Undersubscription

Taken from our Series 53 Online Guide

Undersubscription

If the issue is not fully subscribed, or sold, after the order period, the Agreement Among Underwriters may authorize the managing underwriter to lower the price and offer a new order period. The underwriter may also reallocate the unsold issue to the syndicate members and leave the price unchanged, or it may leave its delinquent members on their own to cut their losses as best they can. Its choices are stipulated in the contract.

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