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Non-Tech : Wit Capital Group Inc - (Nasdaq - WITC) -- Ignore unavailable to you. Want to Upgrade?

To: Secret_Agent_Man who wrote (638)	7/14/1999 9:33:00 PM
From: mod	Read Replies (3) \| Respond to of 845

Wit Capital Secures SEC Accord for New Online IPO Process PR Newswire - July 14, 1999 18:59 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." ABOUT WIT CAPITAL Founded in 1996, Wit Capital is the first online investment banking firm. With offices in New York and San Francisco, Wit Capital is an issuer-driven, Internet based investment banking firm that offers a rapidly expanding array of investment banking services including public underwriting, private equity services, strategic advisory, and institutional quality research. Wit Capital also offers individual investors access to online brokerage services which include IPO's and other securities offerings as well as free access to institutional quality research -- both of which have in the past only been available to the best retail and institutional clients. Wit Capital is a registered broker-dealer and a member of NASD and SIPC. It is a publicly traded company and is listed at Nasdaq under the ticker symbol WITC. The web address for Wit Capital is http:///www.witcapital.com. SOURCE Wit Capital Group, Inc. /CONTACT: Robin Weinberg, 212-419-4284, rweinberg@dewerogerson.com, or Dahlia Goldenberg, 212-419-8320, both of Citigate Dewe Rogerson, for Wit Capital; or Susan Berkowitz of Wit Capital, 212-253-4470, sberkowitz@witcapital.com/ /Web site: http:///www.witcapital.com/ (WITC)