Issuance costs

Issuance costs are those expenditures associated with underwriting and issuing debt and equity securities. Issuance costs include the following:

  • Audit fees
  • Investment banking fees
  • Legal fees
  • Marketing expenses
  • Securities and Exchange Commission (SEC) registration fees

Issuance costs do not include any expenditures that must be made by a publicly-held company on an ongoing basis, such as control audits, annual financial statement audits, quarterly reviews, stock exchange fees, or ongoing SEC filings.