A strategy that allows small companies to issue additional equity in small, periodic increments in order to manage their capital needs. Typically the stock can be issued in increments as small as 50,000 shares, compared with other follow-on offerings that consist of millions of shares. Controlled equity offerings can be done over a period of months. The controlled equity offering allows companies to have increased flexibility in raising capital, specifically in reacting quickly to changing market needs and being able to place equity quickly. Cantor Fitzgerald has been a leader in developing this equity product. Its fee ranges from 2 percent to 3 percent of the funds raised, compared with a typical fee charged by investment bankers for a follow-on offering of about 5 percent to 6 percent of the funds raised.