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> Why is this stake necessary? Edit: it’s not necessary/a requirement. They’re noting that after the transaction, SoftBank will still fall under the 10% owner
by boulos 6y ago
> Why is this stake necessary?
Edit: it’s not necessary/a requirement.
They’re noting that after the transaction, SoftBank will still fall under the 10% ownership threshold that requires more reporting from the SEC [1]:
> Section 16 of the Exchange Act applies to an SEC reporting company's directors and officers, as well as shareholders who own more than 10% of a class of the company's equity securities registered under the Exchange Act. The rules under Section 16 require these “insiders” to report most of their transactions involving the company's equity securities to the SEC within two business days on Forms 3, 4 or 5.
[1] https://www.sec.gov/smallbusiness/goingpublic/officersanddirectors https://www.sec.gov/smallbusiness/goingpublic/officersanddir...