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Can some one tell me why they use "confidentially"? When they have been talking about this for months and everyone in the tech/social business knows about it.
by WheelsAtLarge 10y ago
Can some one tell me why they use "confidentially"? When they have been talking about this for months and everyone in the tech/social business knows about it.
I guess it's confidential since they didn't blast fireworks and cannons.
Anyhow, I say that they will soon(if not now) be known as the cool social network while Facebook will live as the old but reliable techie social network , similar to the Apple/Microsoft delineation.
- lesdeuxmagots 10y agoIts a type of filing. Confidentially means that we cannot go so EDGAR and look up the filing right now, and they will not need to disclose the documents publicly until very close to the actual IPO. This is a relatively new type of filing that was introduced in the JOBS act, designed to encourage emerging businesses to go public. You can read about the specifics here: https://www.sec.gov/divisions/corpfin/guidance/cfjumpstartfaq.htm https://www.sec.gov/divisions/corpfin/guidance/cfjumpstartfa... Normally, if the company does not qualify for confidential filing, we would be able to go and see the draft S-1 on EDGAR 6 - 9 months in advance of the actual IPO.
- WheelsAtLarge 10y agoThanks, very informative.
- jonnyy 10y agoIt reflects a change in IPO filing law. Quoting Wikipedia: "Under the JOBS Act, it has been possible since April 2012 for "emerging growth companies" to file a Form S-1 on a confidential basis, only making the contents public 21 days prior to the road show for the IPO." With many IPO filings, the financial docs are immediately available to review. Because Snap filed confidentially, we are not given access to these docs until shortly before the actual sale of the IPO shares.