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These orders are significant for reasons that may not be immediately obvious. While clarity is welcome, I think the SEC is setting a precedent that is likely to punish responsible companies looking to comply. A thread š
Iām sure there will be great takes from the usuals (e.g. @jchervinsky , @msantoriESQ , @propelforward , @stephendpalley), so follow them for more in depth discussions, but I want to focus on one particular section of these orders: the 12(g) registration requirement.
See, when a Company has more than 500 non-accredited investors or more than 2000 holders of their equity securities generally, Section 12(g) of the Exchange Act typically requires that the Company become a public reporting company, with limited exceptions.
