Client Alert On The SEC’s Proposed Changes To The Registered Offering Framework

We published on our client alert on the SEC’s proposed amendments to the Securities Act registration framework that are intended to modernize and streamline the registered offering process. Highlights include:

• SEC proposes significant amendments to modernize and streamline the registered offering framework under the Securities Act.
• The proposed amendments would significantly expand access to Form S-3, shelf registration and ATM offerings by eliminating existing public float and “baby shelf” limitations and removing the current requirement that issuers wait 12 months before becoming eligible to use Form S-3.
• The proposed amendments would extend many WKSI-style communications and offering accommodations to a substantially broader range of domestic public companies through new “ELI” and “SELI” categories.