Registered Secondary Offering

Offering, usually through investment bankers, of a large block of securities that were previously issued to the public, using the abbreviated Form S-16 of the Securities and Exchange Commission. Such offerings are usually made by major stockholders of mature companies who may be control persons or institutions who originally acquired the securities in a private placement. Form S-16 relies heavily on previously filed SEC documents such as the S-1, the 10-K, and quarterly filings. Where listed securities are concerned, permission to sell large blocks off the exchange must be obtained from the appropriate exchange. See also Letter Security; Secondary Distribution; Secondary Offering; Shelf Registration.