A “COB” is the price that a customer is offering to pay for an IPO. The COB is for a range that is less than 20% above the top end of the “price range”. For a secondary offering, the COB does not have a “price range” because pricing is based on, and usually near the closing price of the stock. On the effective date, we will inform you of the pending effectiveness of the offering and we will give you a 60 minute “last chance” window to withdraw or modify your conditional offer to buy. You can also withdraw or modify your conditional offer to buy at any time prior to this 60 minute notice. Once the 60 minute window passes, your conditional offer to buy becomes a valid purchase contract that cannot be canceled.
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