Tag: Exchange Act registration

Corp Fin supplements information regarding expanded process for confidential filing of IPO registration statements

Yesterday, the SEC supplemented the information in its June 29 announcement regarding its expanded draft registration statement processing procedures, which allowed companies that were not emerging growth companies to file confidentially.  The supplement relates to availability of the process and transition matters. The announcement also indicates that companies may submit questions about their eligibility to use the expanded processing procedures to CFDraftPolicy@sec.gov.

Corp Fin posts FAQs regarding extension of process for confidential submission of draft registration statements

On June 29, Corp Fin announced that it was extending the process for confidential submission of draft registration statements, currently available only for IPOs of emerging growth companies, to IPOs of companies that are not EGCs, as well as for most follow-on offerings made in the first year after going public. The extension of this confidential process will allow more companies to defer the public disclosure of sensitive or competitive information until they are almost ready to market the offering—and potentially to avoid the public disclosure altogether if they ultimately decide not to proceed with the offering. The new process will become available on July 10, 2017. (See this PubCo post.) Subsequently, Corp Fin issued a series of FAQs to provide additional guidance.

You no longer have to be an EGC to…

…submit a confidential draft registration statement for IPOs, as well as for most offerings made in the first year after going public, Corp Fin announced yesterday.  Until now, that beneficial process, first permitted by the JOBS Act, has been available only to emerging growth companies. The extension of this confidential process will allow more companies to defer the public disclosure of sensitive or competitive information until they are almost ready to market the offering—and potentially to avoid the public disclosure altogether if they ultimately decide not to proceed with the offering. According to the press release, the change “will provide companies with more flexibility to plan their offering. The nonpublic review process after the IPO reduces the potential for lengthy exposure to market fluctuations that can adversely affect the offering process and harm existing public shareholders. By requiring a public filing period prior to the launch of marketing, the process incorporates a feature of the EGC review process that provides an opportunity for the public to evaluate those offerings.” The new process will become available on July 10, 2017.

SEC proposes rule amendments to conform registration thresholds to JOBS Act thresholds

by Cydney Posner At the end of last week, the SEC issued a press release indicating that it had voted to propose various amendments to implement portions of the JOBS Act.  (In a departure from the norm, the SEC did not hold an open meeting to approve issuance of the […]