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SEC Adopts New Rule Allowing Issuers to Switch Between Public and Private Offerings by W. Alan Kailer
David Buckner
Jenkens & Gilchrist, A Professional Corporation
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May 13, 2004
The Securities and Exchange Commission has adopted new Rule 155, which liberalizes the ability of issuers to change from a private to a public offering and vice versa. This rule will be particularly useful in volatile markets, by setting the conditions under which an issuer that begins a private offering may convert it to a registered offering before any securities are sold, or to withdraw a registration statement for a public offering before any securities are sold and begin a private offering.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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