At which step do you think NOTEBOOK is assumed to be (regarded as) a publicly held company in terms of Capital Markets Law in Turkey? Explain your reasons. Base your judgment on the Capital Markets Law and state the relevant article for your decision.

The NOTEBOOK Corp. (a joint-stock company) whose shares are not registered and/or not traded in any market wants to make a public offer and wants to be a publicly held company. The following are the steps taken by NOTEBOOK to go public.

Step 1. NOTEBOOK hires a financial intermediary for the public offer.

Step 2. NOTEBOOK makes an application to the stock exchange in order to get information on the possibility that its shares could be traded.

Step 3. NOTEBOOK makes an application to the Capital Markets Board in order to have its prospectus to be approved and registered for the public offer.

Step 4. Capital Markets Board takes the decision for the registration of the NOTEBOOKs prospectus for public offer.

Step 5. NOTEBOOK publishes its prospectus and starts the public offer.

Step 6. NOTEBOOK sells its shares to the buyers during the sales period for public offer.

Step 7. NOTEBOOK finalizes the public offer and settles with the financial intermediary.

Step 8. NOTEBOOK provides information to the Capital Markets Board on the results of the public offer and sale of the shares.