Staff Posts C&DIs On FAST Act

See below guidance from the Staff of the Securities and Exchange Commission.

Question 1

Question: May an EGC issuer omit interim financial statements from its filing or submission for a period that has financial information that will be included within required financial statements covering a longer interim or annual period at the time of the offering, even though the shorter period will not be presented separately at that time?

Answer: No.

Section 71003 of the FAST Act allows an issuer to omit financial information that "relates to a historical period that the issuer reasonably believes will not be required to be included...at the time of the contemplated offering." Interim financial information "relates" to both the interim period and to any longer period (either interim or annual) into which it has been or will be included.