Here’s the Deal:

A foreign private issuer (“FPI”) is generally any foreign issuer (other than a foreign government) incorporated or organized under the laws of a jurisdiction outside of the United States that meets certain specified conditions.

An FPI seeking to raise capital publicly for the first time in the United States must register its securities, and subsequently must file with the Securities and Exchange Commission (“SEC”) annual and periodic reports, similar to a domestic issuer, but subject to certain disclosure and other accommodations.