All or None Underwriting

All or None Underwriting - All or none underwriting is a type of securities an underwriter issues, but will cancel at his/her will if they are unable to resell the stocks. An example of this would be as follows: A well-known and experienced underwriter has plans to issue about one thousand stock shares of a specific security, but finds that he/she is only able to resell around eight hundred of these specific stock shares. The underwriter would then issue a cancellation order for the entire issue of those specific stock shares they were planning to issue, preferring not to take a loss on the ones that couldn't be sold.