What is the difference between a primary and secondary offering?

A A primary offering involves standard SEC registration, whereas a secondary offering makes use of an exemption under Regulations A or D

B

A primary offering uses an underwriter, whereas a secondary offering uses a private placement agent

A primary offering is a sale of new securities by their issuer, whereas a secondary offering is a sale of shares that have already changed hands

A primary offering may be conducted by any kind of entity, whereas a secondary offering may only be conducted by a municipality