Financial Industry Regulatory Authority (FINRA) Practice Exam 2025 - Free FINRA Practice Questions and Study Guide

In a tender offer, when an investor decides to sell shares, they indicate how many they wish to tender. In this scenario, the investor has tendered 1,000 shares. However, the total number of shares that the company is willing to buy back is limited to 900,000. The key factor here is that the investor has exercised their right to sell 1,000 shares; they have initiated the sale by tendering all of those shares.

Regardless of how many shares are actually accepted in the tender offer, the action taken by the investor means they intended to sell 1,000 shares. Thus, while the actual number of shares that may be accepted from various investors could vary based on pro-rata calculations or other factors, the investor has effectively 'sold' the 1,000 tendered shares in terms of their position in that transaction.

Therefore, since the question states that this investor tendered 1,000 shares, that is the number of shares they have sold under the context of the tender offer. The tendering action reflects their willingness and the initiation of the sale, affirming that they have engaged in the sale of 1,000 shares regardless of how many are ultimately accepted.