Full SEC Proposals Coming
Watch this week for the full text of most of the six major smaller public company rule proposals from the SEC (keep checking http://www.sec.gov/rules/proposed.shtml, or just wait until I report shortly thereafter). As we know, only brief summaries of the key aspects of the proposals were discussed in an SEC open hearing on May 23, and since then we've been awaiting the complete release of the proposals.
I assume, as is often the case, that there are a number of aspects of the proposals which have not yet been made public. Hopefully the as yet undisclosed parts of the text will be additional positive, happy news for smaller issuers and their financing partners. Yet we always worry that the "fine print" takes more than it gives. As I am the eternal optimist (which sometimes gets me in trouble!), I am hopeful that I will be reporting by the end of the week some additional goodies for the beleaguered (sp?) small and microcap world.
Hopefully the very positive momentum created by last week's announcements will be maintained and strengthened. Fingers crossed!
I assume, as is often the case, that there are a number of aspects of the proposals which have not yet been made public. Hopefully the as yet undisclosed parts of the text will be additional positive, happy news for smaller issuers and their financing partners. Yet we always worry that the "fine print" takes more than it gives. As I am the eternal optimist (which sometimes gets me in trouble!), I am hopeful that I will be reporting by the end of the week some additional goodies for the beleaguered (sp?) small and microcap world.
Hopefully the very positive momentum created by last week's announcements will be maintained and strengthened. Fingers crossed!
Labels: SEC
posted by David N. Feldman at
6/02/2007 09:45:00 PM
4 Comments:
Mr. Feldman,
Do you believe that the SEC will also shorten 144K from two years to one? It would seem logical to do so if 144 is going from one year to six months.
Thanks for your informative blog.
Actually it's better than that. 144(k) will be shortened to the six months, so you can sell without any limit on volume, etc., except that the company will have to be current in its filings for up to a year.
I guess my real question was, for the purposes of a private company seeking to obtain a ticker symbol for pinks or otcbb, would 506 private placement shares (which currently have to be aged for 2 years for a form-10, or registered through and SB-2) aged for six months be considered "free trading" shares? Also, when do you think these changes would go into effect? Six months? Thanks much.
Well my response below only applies to full reporting companies. If they are going on the pink sheets and nonreporting, the period would be one year rather than six months. A mandatorily reporting pink would still have the six months but all OTCBB companies, since they must be fully reporting, will have the six months as well. So for the "self-filings" you promote so articulately, it's six months from when people got shares in the private company if they are nonaffiliates and going to be fully reporting. The hope is they will get these passed sometime in the fall.
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