Reprinted with permission from The Legal Intelligencer, August 8, 2017.

On June 29, the Securities and Exchange Commission (SEC) announced that it is permitting all companies to file the paperwork for an initial public offering (an IPO) without immediately disclosing the IPO to the public. Further, companies will be permitted to immediately withdraw an IPO filing. Previously, this "nonpublic review process," known as the "stealth IPO rules," was only available to emerging growth companies. As of July 10, when the so-called "stealth IPO rules" went into effect, all companies, including those that would not be classified as emerging growth companies, have been able to take advantage of a confidential IPO process.

The stealth IPO rules permit companies to submit a draft of their initial registration statements and related revisions on a nonpublic basis, provided that the company confirms in a cover letter to the nonpublic draft submission that it will publicly file its registration statement and nonpublic draft submissions at least 15 days prior to any road show or, in the absence of a road show, at least 15 days prior to the requested effective date of the registration statement. Read More >








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