Pink or Pink Herring

Definition:

A Preliminary Prospectus or offering document used before it has been printed as a Red Herring. Primarily used for pre-marketing purposes in order to gauge preliminary investor interest prior to commencement of the Bookbuilding process, Pink Herrings have almost all of the information contained in a full Prospectus, except for the price and number of securities to be issued. Comfort Letters and 10b-5 Letters are not provided on Pink Herrings, but verification must have progressed to give a high degree of confidence in the accuracy of the information in the document.

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