Private Placement Memo (PPM)
A PPM is a legal document provided to prospective investors when selling stock or another security in a business. It is sometimes referred to as an offering memorandum or offering document.
Among other things, the PPM describes the company selling the securities, the terms of the offering, and the investment risks. The disclosures included in the PPM vary depending on the exemption from registration being used, the target investors, and the complexity of the terms of the offering.