News & Analysis as of

Initial Public Offering (IPO) Securities and Exchange Commission (SEC) Disclosure Requirements

Ropes & Gray LLP

Capital Markets & Governance Insights - April 2025

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In This Edition SEC Climate Disclosure Rule Developments In early March 2024, the Securities and Exchange Commission (SEC) adopted rules to enhance and standardize climate-related disclosures by public companies and in public...more

Cooley LLP

Final Changes: The Upsizing or Downsizing Handbook

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Pricing day is a huge milestone in the initial public offering (IPO) journey. It is the culmination of months of preparation and drafting and being out on the road talking to investors. Before you hit the road, you’ll have...more

Fenwick & West LLP

Acting SEC Chair Outlines Plan to Make IPOs More Attractive

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Acting SEC Chair Mark T. Uyeda outlined potential regulatory changes to make IPOs more attractive and to scale public company disclosures at the Florida Bar’s 41st Annual Federal Securities Institute and M&A Conference. ...more

WilmerHale

Preparing for Cybersecurity Disclosure as a Public Company

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The SEC, investment banks and other stakeholders are increasingly focused on cybersecurity in IPO companies given the potential financial, legal and reputational risks....more

WilmerHale

So You Went Public via a Reverse Merger? Are You a Shell Company?

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In recent years, a variety of alternative paths to public ownership and trading liquidity have emerged. The reverse merger is among one of the oldest alternatives to a conventional IPO for a private company seeking to become...more

Oberheiden P.C.

Regulation A+: The Ultimate Guide from Eligibility to Compliance

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Regulation A+ has emerged as a powerful tool for companies seeking to raise capital from both accredited and non-accredited investors. This Regulation A+ Offerings Guide provides a comprehensive overview of Regulation A+,...more

Wyrick Robbins Yates & Ponton LLP

Enhanced Accommodations for Issuers Submitting Draft Registration Statements

On March 3, 2025, the Securities and Exchange Commission’s (the “SEC’s”) Division of Corporation Finance announced that it is expanding the accommodations available for issuers that submit draft registration statements for...more

K&L Gates LLP

SEC Expands Nonpublic Review Process for Draft Registration Statements

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On 3 March 2025, the Division of Corporation Finance of the Securities and Exchange Commission (the SEC) announced that it is expanding the scope of availability for companies to submit draft registration statements for...more

Cooley LLP

SEC approves Nasdaq proposal to modify initial listing requirements related to liquidity

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In December of last year, Nasdaq proposed a rule change to modify the initial listing requirements related to liquidity. More specifically, Nasdaq proposed to change Listing Rules 5405 and 5505 to require that a company...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Expands Accommodations for Issuers Submitting Draft Registration Statements

On March 3, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance announced that it has expanded the accommodations available to companies for the nonpublic review of draft registration...more

Cohen & Gresser LLP

Reading the Tea Leaves on Registration and Disclosure Requirements

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The Securities and Exchange Commission (SEC) under the current Trump administration has swiftly adopted a new agenda. Some of the first initiatives dealt with shareholder engagement and shareholder proposals. These...more

Lowenstein Sandler LLP

SEC’s Expanded Confidential Review Process Provides Issuers Greater Flexibility To Explore and Plan Public Offerings

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On March 3, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance announced significant enhancements to the accommodations available for issuers confidentially submitting draft registration...more

ArentFox Schiff

SEC Expands Accommodations for Reviewing Nonpublic Registration Statements

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On March 3, the US Securities and Exchange Commission’s (SEC) Division of Corporation Finance announced that it is expanding the accommodations available to issuers submitting nonpublic draft registration statements for staff...more

Fenwick & West LLP

SEC Expansion of Availability of Confidential Submissions of Registration Statements Could Help Life Sciences Companies Raise...

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In an attempt to facilitate capital raising, the SEC announced that it was expanding the ability of issuers to submit draft registration statements for confidential review by the staff. Historically, this procedure was mostly...more

Goodwin

SEC Staff Expands Draft Registration Statement Accommodations

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On March 3, 2025, the staff of the U.S. Securities and Exchange Commission’s (the “SEC”) Division of Corporation Finance (the “SEC staff”) announced that, effective immediately, it is enhancing the accommodations available to...more

Troutman Pepper Locke

SEC Expands Confidential Filing Options for Companies Submitting Draft Registration Statements

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On March 3, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance announced that it has expanded its confidential filing process for certain draft registration statements submitted for nonpublic...more

WilmerHale

SEC Staff Expands Confidential Review Accommodations for Certain Issuers and Transactions

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On March 3, 2025, the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission (the “SEC”) issued new guidance, effective immediately, significantly expanding the ability of companies to...more

Sullivan & Worcester

SEC Expands Confidential Submission Options for Issuers to Facilitate Capital Raising

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On March 3, 2025, the U.S. Securities and Exchange Commission (SEC) announced expanded accommodations for issuers submitting draft registration statements for nonpublic review. These enhancements are intended to facilitate...more

Bass, Berry & Sims PLC

SEC Expands Accommodations for its Confidential Registration Statement Review Process, Increasing Flexibility for Issuers

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On March 3, the United States Securities and Exchange Commission (SEC) issued guidance expanding its policies related to its confidential Draft Registration Statement (DRS) review process to all registration statements made...more

Katten Muchin Rosenman LLP

SEC Division of Corporation Finance Expands Confidential Review Accommodations for Draft Registration Statements

On March 3, 2025, the staff of the Securities and Exchange Commission's (SEC) Division of Corporation Finance (the Division) announced that it enhanced certain existing accommodations under the Jumpstart Our Business Startups...more

BCLP

Can You Keep A Secret? SEC Expands Availability of Confidential Submissions of Draft Registration Statements

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The SEC has declared its intent to “return[] to its narrow mission to facilitate capital formation, while protecting investors and maintaining fair, orderly, and efficient markets.” The new accommodations will allow any...more

Mayer Brown Free Writings + Perspectives

SEC Expands Accommodations for Issuers Submitting Draft Registration Statements

On March 3, 2025, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC”) announced a new policy, with immediate effect, expanding the accommodations available for issuers that...more

Sheppard Mullin Richter & Hampton LLP

SEC to Expand Confidential Filing Privileges

The U.S. Securities and Exchange Commission (SEC) has announced significant changes to its confidential filing procedures, aiming to support capital formation and provide greater flexibility for companies planning public...more

A&O Shearman

SEC expands confidential review of registration statements

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The SEC recently announced new accommodations to expand the types of companies and registration statements eligible for confidential SEC review. In this post, we summarize key takeaways from the announcement, including what...more

Cooley LLP

Corp Fin Issues New Guidance Further Accommodating Nonpublic Draft Registration Statements

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A few days ago, Corp Fin issued this guidance expanding the accommodations available for nonpublic review of draft registration statements to all issuers, building on the 2017 expansion of nonpublic reviews initiated by the...more

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