Drafting Session

Definition:

A meeting or session involving the issuer, the underwriter(s) and their respective counsel, whereby all parties meet and draft various components of the offering document. A Drafting Session is typically seen as being more efficient than allowing all parties to review or revise the offering document independently. A key component of the Drafting Session is the questioning of management and negotiation between the parties on how best to disclose various issues. At the Drafting Session, management is typically required to verify disclosure contained in an offering document. The Drafting Session forms a key component of the Due Diligence exercise, particularly in the issuance of a 10b-5 Letter.

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