1-day Stock

Regulation M, which is intended to prohibit manipulative activities in connection with a security that is the subject of a distribution, provides for a one business day “restricted period.” The one-day restricted period applies to a security that has an average daily trading volume, or ADTV, of $100,000 or more for an issuer the common equity securities of which have a public float of $25 million or more. During this restricted period, distribution participants are prohibited from undertaking certain activities.