A more thorough explanation:

Unseasoned Issuer

An unseasoned issuer is a public company that is required to report its financial information periodically but is not eligible to file a Form S-3 or a Form F-3 for a primary offering. This means that the company is not a seasoned issuer or a well-known seasoned issuer.

Company A recently went public and is now required to report its financial information periodically. However, it is not eligible to file a Form S-3 or a Form F-3 for a primary offering because it is a new company and has not yet established a track record of financial stability. Therefore, Company A is considered an unseasoned issuer.

Company B has been public for a few years but has not yet met the requirements to be considered a seasoned issuer. It is also not eligible to file a Form S-3 or a Form F-3 for a primary offering. Therefore, Company B is also considered an unseasoned issuer.

An unseasoned issuer is a company that is required to report its financial information periodically but is not yet established enough to be considered a seasoned issuer or a well-known seasoned issuer. This means that the company is not eligible to file certain forms for a primary offering. The examples illustrate this definition by showing two companies that are not yet established enough to be considered seasoned issuers and are therefore classified as unseasoned issuers.