Series 79 practice questionmediumFollow-On Offerings
Which of the following follow-on offerings is MOST likely to be subject to Blue Sky registration requirements in individual states?
- AA shelf takedown by a well-known seasoned issuer (WKSI)
- BAn at-the-market offering by a NYSE-listed company
- CA registered direct offering for a NASDAQ issuer
- DA non-listed company conducting a public offering✓ Correct answer
Explanation
Why D — A non-listed company conducting a public offering
Blue Sky laws typically apply to non-listed companies; national exchange-listed offerings are generally exempt. The trap is overlooking the Blue Sky preemption for listed companies.
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