Core terms
ATM
An at-the-market program in which a sales agent may sell newly issued shares into the market from time to time at varying market prices, subject to the agreement and registration capacity.
Calculation framework
Estimated program remaining = authorized gross amount − gross sales disclosed under the agreementScenario shares = assumed future gross sales ÷ assumed average sale price; net cash also subtracts commission and feesWhat traders should verify
Link the sales agreement to its shelf and 424B5, test Baby Shelf and exchange limits, and reconcile quarterly or 8-K sale disclosures.
Do not conflate
An ATM agreement can exist without being active, available, or used; capacity is not actual selling pressure.