Which group is not included on a tombstone ad?

A tombstone ad, commonly used in the context of underwriting securities, is a type of advertisement that provides basic details about a new issue of securities. This ad will typically include the names of the syndicate members, the syndicate manager(s), and the lead underwriter, as these parties are integral to the underwriting process. They ensure the securities are sold to the public and that investors are aware of who is facilitating the sale.

The selling group members, however, are generally not included in the tombstone advertisement. The selling group consists of broker-dealers that help distribute the offering but do not take on the liability of underwriting the issue like the syndicate members and lead underwriter do. Including just the main underwriters in the tombstone ad allows for a clearer representation of the primary players involved in bringing the security to market, while the selling group is usually mentioned in the offering documents rather than in the advertisement itself. This distinction highlights the primary responsibility borne by the underwriting team versus the ancillary role of the selling group.