[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR228.505]

[Page 337]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 228--INTEGRATED DISCLOSURE SYSTEM FOR SMALL BUSINESS ISSUERS--Table of Contents
 
                        Subpart A--Regulation S-B
 
Sec. 228.505  (Item 505) Determination of Offering Price.

    (a) If there is no established public market for the common equity 
being registered or if there is a significant difference between the 
offering price and the market price of the stock, give the factors that 
were considered in determining the offering price.
    (b) If warrants, rights and convertible securities are being 
registered and there is no public market for the underlying securities, 
describe the factors considered in determining the exercise or 
conversion price.