Regulatory Alerts2019-02-28 | 2019-03098Added · Updated
Solicitations of Interest Prior to a Registered Public Offering
The Securities and Exchange Commission proposes a new rule under the Securities Act of 1933 to permit all issuers to engage in oral or written communications with qualified institutional buyers and institutional accredited investors to gauge interest in a contemplated offering. This proposal extends the existing 'test-the-waters' accommodation, currently available only to emerging growth companies, to all issuers either prior to or following the filing of a registration statement. The Commission believes this change will help issuers assess market demand and valuation while lowering capital costs and encouraging greater participation in public markets.
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