SEC Provides Guidance for Smaller Reporting Company IPOs
March 23, 2009
On March 4, 2009, the Division of Corporation Finance released “Staff Observations in the Review of Smaller Reporting Company IPOs.” The guidance summarizes typical comments issued by the staff in their review of smaller reporting companies’ initial registration statements. Many of the comments will also be helpful for companies that do not qualify as smaller reporting companies, and may also be extended to non-IPO registration statements and other Exchange Act reports. The comments relate to various sections of a registration statement, including: the prospectus cover page; prospectus summary; risk factors; use of proceeds; description of business; management’s discussion and analysis; disclosure about directors, officers, promoters and control persons; transactions with related persons; plan of distribution; selling security holders; and financial statements.
http://www.sec.gov/divisions/corpfin/guidance/cfsmallcompanyregistration.htm
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