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Fall of the Hammer means the point, after bids have been received, at which Auctioneer declares a Lot of Personal Property or Real Property sold to the Bidder acknowledged by Auctioneer as having made the Winning Bid

Company Overview Headquartered in London, British American Tobacco (BAT) operates in the tobacco and nicotine industries across over 180 markets worldwide with a multi-category consumer goods business model focused on both traditional combustible products and an expanding portfolio of (ostensibly) reduced-risk alternatives

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Its impact in a marketplace is a function of many factors that are mostly unknown and unknowable in advance, and the efforts to assess these effects premarket provide false assurance