kite flyers recently offered $6,000 shares of stock for sale but only received p

Question

kite flyers recently offered $6,000 shares of stock for sale but only received payment from its underwriters for the 4,500 shares they sold. this must have been a underwriting.
Private placement Dutch auction Firm commitment Standby Best efforts kite flyers recently offered $6,000 shares of stock for sale but only received payment from its underwriters for the 4,500 shares they sold. this must have been a underwriting.
Private placement Dutch auction Firm commitment Standby Best efforts kite flyers recently offered $6,000 shares of stock for sale but only received payment from its underwriters for the 4,500 shares they sold. this must have been a underwriting.
Private placement Dutch auction Firm commitment Standby Best efforts

Explanation / Answer

This is "Best efforts"

Here the underwriter did the best to sell as many shares of kite flyers as poosible and out of the the 6,000 shares, the underwriters could sell only 4,500 shares through the best efforts of the underwriter (who is a security seller).

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