ATM offering
An at-the-market equity offering: company sells shares directly into the open market via a sales agent.
Definition
An at-the-market (ATM) offering lets a public company sell newly-issued shares incrementally, at prevailing market prices, through a designated sales agent (commonly Cantor Fitzgerald, Jefferies, H.C. Wainwright, Roth Capital, or similar). The ATM is governed by an Equity Distribution / Sales Agreement.
ATM dilution is structural — predictable, mechanical, and frequently followed by share-price weakness in small caps. Detecting ATM activations from S-3 / 424B5 filings is a known short-and-fade workflow.
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