> For the complete documentation index, see [llms.txt](https://docs.blocksquare.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.blocksquare.io/faq/marketplace-operators/primary-offerings.md).

# Primary offerings

<details>

<summary><strong>What happens when tokens are not sold out?</strong></summary>

#### Example

An issuer decides to tokenize 20% of a property and organize a primary offering of 20,000 tokens. Unfortunately, they sell only 10,000 tokens.

At that point they can decide to either:

1. finalize the offering, mint tokens to token buyers and update the capital stack to reflect the actual amount of issued tokens in relation to any other layers (i.e. equity, debt), or
2. rever the offering and return funds to investors.

</details>

<details>

<summary><strong>Where do the funds go after a token sale?</strong></summary>

The funds go to the company bank account and/or wallet of the issuer.

</details>

<details>

<summary>How can issuers use fund raised via primary offering?</summary>

After the token offering is complete, raised funds are owned by the issuer company. The company and their shareholders decide what the funds should be used for. There could be a pre-agreement or make a decision only after the completion of the offering.

Whether the company decides to pay off debt, invest capital in another property/asset, engage in stock buyback, distribute dividends or any other transaction is up to the company shareholders to decide based on market conditions.&#x20;

oken holders do not have any say over assets owned by the company, except for the real estate asset(s) highlighted and identified by the resolution.

</details>


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