tailieunhanh - Franchising and Licensing Two Powerful Ways to Grow Your Business in Any Economy_10

Tham khảo tài liệu 'franchising and licensing two powerful ways to grow your business in any economy_10', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 258 FINANCIAL STRATEGIES a troubled or turbulent industry that is publicly offering its securities for the first time should expect a detailed review by all members of the examining group. Following the initial review a deficiency or comment letter will be sent suggesting changes to the registration statement. The modifications of the statement will focus on the quality of the disclosure such as an adequate discussion of risk factors or the verbiage in management s discussion of the financial performance not on the quality of the company or the securities being offered. In most cases the company will be required to file a material amendment in order to address the staff s concerns. This process continues until all concerns raised by the examining group have been addressed. The final pricing amendment is filed following the pricing meeting of the underwriters and the execution of the final underwriting agreement. During this period the SEC has developed detailed regulations and restrictions on what information may be released to the public or the media the quiet period especially those communications that appear to be designed to influence the price of the shares. The registration statement then is declared effective and the securities can be offered to the public. The registration statement is declared effective 20 days after the final amendment has been filed unless the effective date is accelerated by the SEC. Most companies tend to seek an accelerated effective date which is usually made available if the company has complied with the examining group s suggested modifications. In addition to SEC regulations a company offering its securities to the public must meet the requirements of NASD and state securities laws. NASD will analyze all elements of the proposed corporate package for the underwriter in order to determine its fairness and reasonableness. The SEC will not deem a registration statement effective for public offering unless and until the NASD has .

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