how a dpo is formally announced
after receiving regulatory approval the issuing company running a dpo uses a tombstone ad to formally announce its new offering to the public the issuer opens up the securities for sale to accredited and non accredited investors or investors that the issuer already knows subject to any limitations by the regulators these investors may include acquaintances clients suppliers distributors and employees of the firm the offering closes when all securities offered have been sold or when the closing date for the offering period has been clocked a dpo that has an intended minimum and maximum number of securities to be sold will be canceled if the interest or number of orders received for the securities falls below the minimum required in this case all funds received will be refunded to the investors if the number of orders exceeds the maximum number of shares offered the investors would be served on a first come basis or have their shares prorated among all investors the united states treasury has the most popular dpo system for its debt securities treasurydirect is a 24 hour online system for individual investors buying and selling treasury securities such as notes bonds bills savings bonds and treasury inflation protected securities tips 9