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Non-Tech : Wit Capital Group Inc - (Nasdaq - WITC)

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To: Mohan Marette who wrote ()	7/15/1999 9:43:00 AM
From: Henry Volquardsen	Read Replies (3) of 845

In case this hasn't been posted yet quote.bloomberg.com. WIT CAPITAL SECURES SEC ACCORD FOR NEW ONLINE IPO PROCESS No-Action Letter Facilitates Individual Investor Participation In Public Offerings; Democratization of Capital Raising Gains Speed NEW YORK, July 14 /PRNewswire/ -- Wit Capital Group, Inc. (Nasdaq: WITC) today announced that the Securities and Exchange Commission has issued the Internet investment banking firm a landmark no-action ruling that will make it substantially more convenient for individual investors to take part in online public stock offerings. The No-Action Letter released today expands the time during which Wit Capital's customers may reconfirm their conditional offers to participate in IPO's. Now Wit Capital's customers may reconfirm during the two-day period prior to expected effectiveness of an offering. Previously, securities firms were required to obtain affirmative confirmation of an indication of interest from prospective purchasers after the offering was declared effective by the SEC. Since such declarations of effectiveness generally occur the same day that the transactions are priced, under prior practice it was extremely difficult for an online investment bank to facilitate individual investor participation in public offerings. Notwithstanding the period of time transactions could be marketed, under the old rules all offers had to be confirmed in a very narrow window of time following effectiveness. "Today's ruling paves the way for individual investors to participate in capital raising in an orderly and sensible framework that does not require prospective investors to sit by their computers waiting night after night for a message indicating the transaction was about to occur," said Wit Capital founder and chief strategist Andrew Klein. "The no action letter means our service will be far more attractive to a wider audience of individual investors. The SEC should be applauded for recognizing that the law was frustrating the clear intentions of online individual investors to directly participate in capital formation -- and moving to ease their frustration."

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