Encouraging Public Offerings Act of 2023
What changed between versions
Confidential submission of draft registration statements is expanded to cover follow-on offerings in addition to initial public offerings and initial exchange registrations. Previously, the bill only covered pre-IPO submissions and submissions within one year after an IPO or exchange registration.
A new definition of 'follow-on offering' is added: an offering by an issuer during the 12-month period beginning on the effective date of its initial public offering or initial section 12(b) registration.
The public filing deadline for confidential submissions is changed from a uniform 15 days before a road show (or 15 days before the effective date if no road show) to differentiated deadlines: 10 days before the effective date for IPOs, 10 days before listing for initial exchange registrations, and only 48 hours before the effective date for follow-on offerings.
The original Section 2, which combined testing-the-waters and confidential submission amendments into a single section, is split into two separate sections (Section 2 for testing the waters and Section 3 for confidential review), with renumbered subsections throughout.
