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Submitted 2014-01-05 18:24:29 The going public process involves a number of steps that vary depending on the characteristics of the private company wishing to go public, and whether it will become a Securities and Exchange Commission (“SEC”) reporting issuer. All companies seeking public company status must meet certain requirements in order for their securities to be publicly traded. One requirement is that the issuer obtain sufficient shareholders to establish a trading market.
Shareholder Requirements in Going Public Transactions
The first step in a going public transaction is most often obtaining the number of shareholders required by the Financial Industry Regulatory Authority (“FINRA”). The shares issued to them must be unrestricted at the time of the filing of the Form 211 with FINRA so that a public float will exist when the company’s stock begins trading.
Assuming the private company is not reporting to the SEC Yovani Gallardo Orioles Jersey , in order for its shareholders to have shares that are unrestricted, the shareholders must have paid consideration for their stock 12 months prior to the filing of the Form 211, the shares must be covered by an effective registration statement.
If the private company is an SEC reporting company because it filed a Form 10 or Form 8A the holding period is 6 months.
While FINRA does not specify the number of shareholders it requires in going public transactions Ubaldo Jimenez Orioles Jersey ,