At the closing of a best-efforts offering, the issuing firm delivers the security certificates to the underwriter and the underwriter delivers the payment for the securities, net of the underwriting fee, to the issuer.

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The Answer of At the closing of a best-efforts offering, the issuing firm delivers the security certificates to the underwriter and the underwriter delivers the payment for the securities, net of the underwriting fee, to the issuer.

At the Closing of a Best-Efforts Offering, the Issuing Firm