A company controls the capital raising process by determining:

• The aggregate dollar amount of stock to sell
  • Driven by stock price, need, or other considerations
  • Discreet decision by management (aggregate disclosure occurs in financial statement filings)

• The investors and respective allocations
  • Based on the company’s sole discretion
  • Each investor is only made aware of their specific allocation

• The pricing terms
  • The pricing period can be established for any time, taking into consideration corporate calendar, or other market information
  • Can be a series of consecutive trading days, taking advantage of dollar averaging
  • Each day of the pricing period is its own investment date, with a ratable amount of the investment applied to each pricing date
  • Calculation is based on the Volume Weighted Average Price, (“VWAP”-- a widely used benchmark representative of the overall trading of a company’s stock) for each day of the pricing period (less the applicable discount)

• The discount
  • Incentive provided to waiver investors due to size of investment, opportunity cost, and pricing term parameters
  • Factors considered can include the level of interest from prospective investors, stock trading profile, market volatility, and prevailing interest rates

• The threshold price
  • Minimum issuance price can be established for each issuance, which limits exposure to general market or company specific volatility
    
  • For any pricing day that does not conform to the minimum price, no shares will be issued for that day and a pro rata amount of the investment will be returned without interest
  • Factors considered can include the need for capital, attractiveness of the stock price, and stock trading profile

• Extended pricing period
  • Originally set pricing period can be extended for days which do not conform to the threshold price

• Continuous settlement
  • For certain market conditions and for companies with certain profiles, makes stock available within 3 business days of each pricing period day