How to calculate baby shelf rule for S-3

[pragmatic-trader]

I'm trying to calculate the amount a company can raise under the baby shelf rule. To do that I need to find the market cap of the firm by multiplying the highest closing price in the last 60 days by the number of shares of "non-affiliates".

Where do I get these number of shares? Is it its float or the number of shares outstanding?

For example for EYEG on Finviz today the number of shares outstanding is 4.54m, and the float is 4.44m, which leads to different calculations of how much the company is allowed to raise.

 

[xandman]

Google the definitions of the shareholder groups. Intuitively, it should be the smaller number.

Multiply that with 60 day average and you get......

 

[guru]

It’s the public float.

 

[christielowe]

A company can select the highest sell price in the last 2 months and determine ask price on the principle exchange rate.