In January 2025, the Securities and Exchange Commission (SEC) approved rules proposed by the New York Stock Exchange and Nasdaq that permit the exchanges to accelerate the delisting process for companies that fail to maintain a $1 minimum share price. The SEC approvals follow a record 495 reverse splits enacted…
In September 2024, the SEC amended the rules and forms that govern how filers access and interact with its EDGAR electronic filing system. These amendments, which the SEC refers to as EDGAR Next, will replace the current password-based access system. The EDGAR Next amendments become effective on March 24, 2025….
The SEC has announced that Commissioner Mark Uyeda has been designated as Acting Chairman of the Securities and Exchange Commission. He will serve in this role until Paul Atkins is confirmed by the Senate as the 34th Chair of the Commission. Mark Uyeda was originally sworn into office as an…
On December 30, 2024, President Joe Biden issued an Executive Order providing that all executive departments and agencies of the U.S. federal government will be closed on Thursday, January 9, 2025, as a mark of respect for the passing of former President Jimmy Carter. The SEC announced that the EDGAR…
The SEC announced that the EDGAR system will be closed on both Tuesday, December 24, 2024 and Wednesday, December 25, 2024. December 25 is a federal holiday and December 24 will be treated as a federal holiday “for filing purposes.” The SEC notes that on December 24, 2024 and December 25,…
The continuing resolution funding the federal government is set to expire at midnight, and if Congress does not take action today, a lapse in appropriations will directly impact the operations of the SEC. The last time that a government shutdown occurred for a significant period of time was in 2018,…
As we enter the heart of Form 10-Q review season for calendar year-end companies and look ahead to Form 10-K review season early next year, a recent decision in a securities fraud class action suit reinforces the need to carefully review litigation disclosure in annual and quarterly reports and registration…
An emerging growth company (EGC) is a type of issuer that can follow relaxed disclosure and gun-jumping regulations when it files with the SEC to go public. This status was created by the JOBS Act of 2012 to help smaller companies access public markets. To qualify as an EGC, a…
On September 7, 2023, the staff of the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission (the “SEC” or “Commission”) published a sample comment letter (known as a “Dear Issuer” letter) to companies regarding their eXtensible Business Reporting Language (XBRL, which for purposes of this Update…
On August 25, 2023, the SEC announced a significant increase in the fees that public companies and other issuers are required to pay to register their securities from $110.20 per million dollars to $147.60 per million dollars. The new fee rate is effective October 1, 2023 and is applicable to the…