Jefferies

Actionable Ideas for Companies and Sponsors

Recent Changes to the JOBS Act Broadens to All IPO Issuers and Selected Follow-on Issuers

Recent changes to the JOBS Act have given a vastly larger number of issuers the well-known advantages versus traditional SEC filing strategies, including timing flexibility, confidential SEC feedback prior to any public filing and limiting exposure to market volatility. Specifically, effective July 10, 2017, the JOBS Act now allows confidential submissions of draft registration statements for All IPOs, including submissions by issuers that do NOT qualify as Emerging Growth Companies. In addition, confidential submissions can now be deployed for follow-on issuances as long as the SEC registration is filed within 12 months of an initial registration statement; and since the new follow-on rules went into effect, four companies have utilized confidential filings for S-1 follow-on offerings.