ATM offering (at-the-market)

An ATM offering is when a company sells new shares directly to the public at whatever the current market price is, rather than negotiating a fixed price ahead of time. You'll see this mentioned in SEC filings when a company wants to raise cash without the hassle of a traditional offering. It matters because it's a quick, flexible way for companies to fund operations or pay down debt—though it can dilute existing shareholders' ownership stakes. For example, TechCorp Inc. might file an ATM offering plan allowing them to sell up to $100 million in shares over the next year whenever they need cash and market conditions look favorable.