TechFlow News, May 19: According to an official announcement, the U.S. Securities and Exchange Commission (SEC) has proposed amendments to rules and forms related to registered offerings, aiming to enhance the efficiency and flexibility of public fundraising for issuers, reduce associated costs, and streamline the disclosure framework for public companies. Under the proposal, more public companies would be eligible to conduct shelf offerings; more companies would qualify for registration and communication accommodations previously available only to “well-known seasoned issuers” (WKSIs); broker-dealers would be permitted to publish research reports covering a broader range of public companies; and state-level registration and qualification requirements under state securities laws for multi-state registered offerings would be preempted at the federal level. Additionally, the proposal seeks to raise the threshold for “large accelerated filers” from $700 million to $2 billion in public float, and newly public companies would remain excluded from this category for at least 60 months post-IPO regardless of their public float. The public comment period for both proposals will last 60 days following publication in the Federal Register.
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