The SEC's Division of Corporation Finance has posted helpful
FAQs about the impact of the government
shutdown on registration statements for public offerings.
During the shutdown, the SEC will not declare registration
statements effective, but companies still have several options that
may enable them to pursue their offerings.
Well-known seasoned issuers can continue to file automatically
effective registration statements, and companies with already
effective shelf registration statements should be able to complete
a takedown unless the terms of the offering would require the
issuer to file a post-effective amendment.
In a departure from customary practice, companies also have the
opportunity to file a registration statement without the standard
delaying amendment contemplated by Rule 473 or, in an amendment, to
replace it with a statement that the registration statement will
become effective in accordance with Section 8(a) of the Securities
Act of 1933. The
