The company uses the ATM to make the purchase and it happens on pay date.
I receive mine in cash. There will be times using the drip you get a great price and of course you will seemingly overpay other times.
You can easily elect a cash payment, and decide yourself when to execute a trade.
that is what I do too jmk but I just thought that he may have to pay high commissions, I don't pay commissions on 1000 shares or more and only $3 on other trades so it is easier to pick the price I want to get in at than it may be for him.
I used to do drips on a lot of stocks but it takes the fun out of picking a price to get in at, the drip is decided by each broker that does the buying for you and how well they buy at market and what time of day they do so. if they have 20000 shares to buy it is the average of those shares for the people they are buying for. I have seen brokers differ a lot depending on the time of their buys