directed share program

directed share program
Directed Share Program (DSP)
USA
Allows an issuer to reserve a certain number of directed shares in the registered offering for purchase by directors, employees and other individuals who might not otherwise receive an allocation of shares in the offering (individuals such as vendors, customers, family members, consultants). A DSP is a fairly common feature of an IPO, though it may also be used in a follow-on offering or a secondary offering.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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