Delaware Security Exchange Request (USER) is a process used by companies that are incorporated in the state of Delaware to request the exchange of a security from the Delaware Securities Division. The USER process is used when a company wishes to issue a new security or exchange an existing security for a new security. The USER involves submitting a request to the state of Delaware that includes a description of the security, the terms of the exchange, and the contact information of the company. There are two types of Delaware Security Exchange Requests: 1. Initial Exchange Offer: This is used when a company is issuing a security for the first time. 2. Exchange Offer: This is used when a company is exchanging an existing security for a new one.