RE:RE:RE:RE:RE:Advantage I would guess that there are several ways. First, the buyers would have to be excmpt from prospectus requirements. Directors, and high net worth individuals can fit the bill.
Next, the seller or buyer, or both don't want to go through the public market for whatever reason. For example, a large excerpt shareholer wants to sell at any price, and the buyers don't want the public market to get beat up. So a deal is struck off market, and the deal is done.
The alternative is millions of shares are sold at market. Bad for shareholders.