What is a common requirement for a pricing statement during a follow-on offering?

In a follow-on offering, a common requirement is that shareholder approval is necessary for any discounts that exceed a specific threshold, typically around 10%. This requirement serves to protect the interests of existing shareholders, ensuring that any significant discount does not unduly dilute their holdings or affect the perceived value of the company's shares. By requiring shareholder approval for larger discounts, the company must communicate openly with investors and secure their consent, thereby fostering a sense of trust and transparency in the capital-raising process.

The other options do not generally represent standard regulatory practices. A maximum discount percentage is not a common requirement enforced across all markets; confidentiality from the public is typically not aligned with the principles of transparency that govern public offerings; and while underwriters often play a role in the pricing and placement of shares during follow-on offerings, having a mandatory underwriting process is not universally required in all regulatory frameworks. Thus, shareholder approval for discounts over a certain threshold stands out as a standard practice in this context.