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ARTICLE · 08 MARCH 2004

IPO and Private Placement Hold Periods Shortened

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Effective March 30, 2004, Canadian securities laws that determine how soon after an IPO or a private placement shareholders may resell their securities will be relaxed.

CanadaCorporate/Commercial Law
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Effective March 30, 2004, Canadian securities laws that determine how soon after an IPO or a private placement shareholders may resell their securities will be relaxed.

  • Pre-IPO Shareholders:
    •  Previously, shareholders who bought securities in a private company had to wait at least one year after the company’s initial public offering before selling their securities. This one-year "seasoning period" will be eliminated in some circumstances: pre-IPO shareholders will be permitted to sell their securities as soon as the company clears a final IPO prospectus if (i) the shareholder does not control the company, (ii) the shareholder has held the securities for at least four months, and (iii) other conditions are met. Contractual commitments with underwriters and/or escrow rules may change the effect of this rule.
  • Private Placements:

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