GMVD - NASDAQ IPO, page-394

That's fine, it's your opinion.

I'm sure you're aware there are 2 main types of IPO's.

1. Bought deal - underwriter takes a commission (buys issue at discount and sells at premium). Fully underwritten.

2. Best effort deal - underwriter does their best to sell but takes a flat fixed fee.

I don't know about you but I didn't see any mention at all of a fixed flat fee in that agreement. To me that implies it isn't the later.