Secondary Offerings Adjustments

Non-dilutive secondary offerings generally do not impact the historical price on a per-share basis, so no price adjustment or adjustment factor is required.

Dilutive secondary offerings, where the number of shares outstanding increases, can impact the per-share value and earnings. However, whether an adjustment factor is required depends on how the corporate action is structured by the company and how it is represented by our upstream vendor.

If the event is represented as a stock distribution or stock split, an adjustment factor would typically be applicable. Otherwise, no adjustment factor would be applied.

We do not specifically calculate adjustment factors for secondary offerings as a separate corporate-action type. The adjustment is determined based on the underlying event structure and the corresponding event information received from the upstream vendor.