On June 29, the SEC announced that it will permit all companies to submit draft registration statements relating to initial public offerings for review on a non-public basis. The ability to file confidentially is currently available only to “emerging growth companies" under the JOBS Act. Confidential filings will also be available to non-EGC filers for follow-on offerings for one year after the effective date of the initial registration statement, and non-EGC filers will be able to omit financial information that will not be required at the time the registration statement is publicly filed. This announcement demonstrates SEC Chair Jay Clayton’s commitment to facilitate capital formation and, in particular, IPOs, and goes into effect on July 10.
If you have any questions, please contact Gunster attorneys David Scileppi or Bob Lamm.
