A company files a shelf registration statement for $500 million in securities. Which of the following best describes an 'at-the-market' (ATM) offering under this shelf?

1. ASecurities are sold over time at prevailing market prices, not in a single transaction.✓ Correct answer
2. BAll shares are sold to a single institutional investor at a negotiated price.
3. CThe issuer cannot sell shares unless the stock price is above a set minimum.
4. DShares are sold only through underwritten block trades.

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