New SEC form type becomes mandatory October 15
Here’s an update to the piece we posted last week on the new SEC form type DRS (“Draft Registration Statement”). The new form type, through which eligible filers can submit non-publicly the paperwork for their initial public offering, was brought into the world on October 1. At the time, its use was optional. Today, the SEC announced that use of the new form type would become mandatory this coming Monday, October 15.
What does it mean to say that the filing of Form DRS is mandatory? It simply means that if you qualify as an Emerging Growth Company under the JOBS Act and wish to avail yourself of the provision to “test the waters” by submitting your initial IPO paperwork behind closed doors – something only these types of filers are allowed to do — then you now must use the new form. The old way was to doctor up a conventional registration statement and email it to the SEC.
Emerging Growth Companies, mark your calendars.