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http://www.investopedia.com/terms/r/rightsoffering.asp

What Does Rights Offering (Issue) Mean?

Issuing rights to a company's existing shareholders to buy a proportional number of additional securities at a given price (usually at a discount) within a fixed period.
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Investopedia explains Rights Offering (Issue)
Rights are often transferable, allowing the holder to sell them on the open market.
 
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