by Cydney Posner
As discussed in this PubCo post, HR 22, now called the “FAST Act” – it was the “DRIVE Act” and before that the “Hire More Heroes Act” – is not just about transportation and highways (as important as that may be). Buried in the bill are several measures that modify the JOBS Act or otherwise relate to capital raising for emerging growth companies, disclosure modernization, the development of secondary markets and the registration process for smaller companies. For example, the bill would reduce from 21 to 15 the number of days prior to the roadshow that the confidential submission of an IPO registration statement for an EGC must be made public and would also allow an issuer that was an EGC at the time it submitted or filed its registration statement for review but thereafter ceased to be an EGC to continue to be treated as an EGC until, with some limitations, its IPO is completed. Importantly, those provisions have all survived the House-Senate Conference Committee intact, and the bill is expected to come up for a vote shortly. We’ll keep you posted.