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 announced in SEC filings when a company needs 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 to sell up to $50 million in shares whenever prices look favorable, rather than waiting for a big one-time sale.