It promised to raise $13.6 billion by the end of the year through asset sales and securities offerings.

But until recent years, smaller companies contemplating securities offerings have not had outside advisers that they could call their own.

Currently, independent advisers are hired in only a small number - less than 5 percent, analysts say - of securities offerings.

After the warrants are issued, about $1,100m of the registration should be left for future securities offerings.

In contrast, investment bankers can take fees for arranging mergers or securities offerings and move on.

As of February 2009, $20 million in a $51.5 million securities offering had been raised for the initial phase.

All companies can use Form S-1 to register their securities offerings.

Your company's securities offering may qualify for one of several exemptions from the registration requirements.

Some states review small businesses' securities offerings to ensure that companies disclose to investors all information needed to make an informed investment decision.

To safeguard the public interest, similar rules have long constrained ads for prescription drugs and financial securities offerings.