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 withdraw more than what is in the account

Either the transaction does not go through
Or it does and now you are in a worse position than when you started

The same dynamic exists in the market

The Misunderstood Role of Investor Relations in ATM Financings

Traditional investor relations has historically focused on:

• Press releases
• Investor decks
• Conferences and roadshows

All important tools

But they are designed to inform, not necessarily to drive immediate market participation

And that becomes a problem during an active ATM

Because when shares are being sold into the market, what matters most is not awareness

It is participation

Without consistent demand, companies are effectively selling into limited liquidity
Which can create downward pressure and increase the true cost of capital

Why Traditional IR Falls Short in Real Time

Many companies prepare for an ATM using long term marketing strategies:

• Video content
• Landing pages
• Email drip campaigns
• Brand awareness initiatives

These approaches can help build an audience over time

But they do not align with how the market operates during a financing window

An ATM does not operate on a long timeline

It operates in real time

And real time markets require real time participation

What Non Traditional Investor Relations (IR) Actually Means

This is where non traditional investor relations becomes critical

Instead of relying solely on static communication channels, non traditional IR focuses on:

• Activating investor attention where it already exists
• Engaging retail and active traders in real time
• Leveraging digital platforms, communities, and networks
• Driving measurable participation, not just visibility

Think of it like the difference between:

Traditional IR = building a billboard and waiting for traffic
Non Traditional IR = stepping into the flow of traffic and directing it

Both have value

But only one directly impacts liquidity when timing matters most

Liquidity is Not a Byproduct. It is the Strategy.

One of the biggest mistakes companies make is treating liquidity as something that will “follow” their efforts

In reality, liquidity needs to be engineered

Especially during:

• ATM financings
• Capital raises
• Periods of selling pressure
• Key corporate events and catalysts

This requires:

• Understanding where investor attention is flowing
• Knowing which channels are active right now
• Deploying capital efficiently to drive participation

How RazorPitch Approaches ATM Financings Differently

At RazorPitch, we operate as a non traditional investor relations partner

We do not rely on a single list or a fixed playbook

Instead, we continuously monitor:

• Investor communities
• Trading platforms
• Social channels
• Digital ecosystems where capital is actively moving

Because of this, we are able to:

• Help companies prepare ahead of an ATM with the right positioning
• Support liquidity during active financings
• Adjust quickly based on real time market behavior
• Maximize the impact of every dollar deployed

The goal is not just exposure

The goal is participation that translates into liquidity

Why This Matters More Than Ever

Markets have changed

Investor behavior has changed

And attention has become fragmented across dozens of platforms

Relying solely on traditional investor relations strategies is no longer enough

Companies that understand how to combine traditional IR with non traditional IR will have a significant advantage

Not just in visibility

But in execution

Final Thought

If you are planning or currently running an ATM financing, liquidity should not be an afterthought

It should be part of the strategy from day one

Because in the public markets:

Access to capital is important

But access to liquidity is everything