Federal Register: SEC Extends "Test-the-Waters" Accommodations to All Issuers
The SEC final rule allowing all issuers to engage in certain communications in a contemplated initial public offering was published in the Federal Register. The final rule - which extends the "test-the-waters" accommodations beyond emerging growth companies to all issuers - goes into effect on December 3, 2019.
As previously covered, issuers now will be permitted to communicate with qualified institutional buyers and institutional accredited investors regarding a contemplated registered offering prior to, or following, the filing of a registration statement related to such an offering.
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The SEC adopted a final rule to extend "test-the-waters" accommodations that allow certain communications in a contemplated initial public offering to all issuers, rather than solely to emerging growth companies.
