JOBS Act Quick Start 87


APPENDIX C: EGC IPO PROCESS


The SEC must review the draft registration statement on a confidential basis


An EGC may remain in the confidential review process until required to file Form S-1, with the SEC issuing com- ments and the EGC respond- ing with draft submissions


The Form S-1 and all prior confidential submissions must be filed 21 days before the road show


After filing the Form S-1, the process is the same as a pre- JOBS Act IPO


Submit Draft S-1


File S-1


Road show


S-1 Effective


An EGC or any other person authorized by the EGC can “test the waters” in communications with QIBs and institutional accredited investors before or during the IPO


Broker-dealers, including those participating in the IPO, can publish research before, during or after the IPO without the research being deemed an “offer” under the Securities Act


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