Most public companies treat the ATM offering as the solution. It is not. The ATM is the mechanism. Liquidity is what determines whether that mechanism actually works or quietly destroys shareholder value, one dilutive transaction at a time. That distinction matters...
Most public companies think an ATM financing is about access to capital In reality, it is about access to liquidity And that distinction matters more than most management teams realize Because an ATM without liquidity is a lot like going to a bank ATM and trying to...
