A more thorough explanation:

An all-or-none offering is a type of securities offering where the issuer can cancel the distribution if the entire block of offered securities is not sold. It is a way for the issuer to ensure that they sell all of the securities they are offering or none at all.

• Initial Public Offering (IPO): A company's first public sale of stock is an example of a primary offering. If the company decides to do an all-or-none offering, they will only sell the stock if all of it is bought by investors.
• Rights Offering: An issue of stock-purchase rights allowing shareholders to buy newly issued stock at a fixed price, usually below market value, and in proportion to the number of shares they already own. If the company decides to do an all-or-none offering, they will only sell the stock if all of the rights are exercised by shareholders.

These examples illustrate how an all-or-none offering works. The issuer sets a condition that all of the securities must be sold, or the distribution will be canceled. This can be a way for the issuer to ensure that they sell all of the securities they are offering or none at all, which can be beneficial for them in terms of managing their finances and avoiding losses.