SEC Form S-1 is the initial registration form for new securities required by the SEC for public companies that are based in the U.S. Any security that meets the criteria must have an S-1 filing before shares can be listed on a national exchange, such as the New York Stock Exchange.
At the end of the page, there is a list of exhibits. The only exhibit marked as not being previously included is Exhibit 23.1 - Consent of Independent Registered Public Accounting Firm [1]
It's just a few lines from KPMG saying "We consent to the use of our report included herein and to the reference to our firm under the heading “Experts” in the prospectus"
I think someone just forgot to include that attachment, hence the amendment.
From my understanding and per my wife, who is an audit accountant, she said that you can actually file before KPMG completed their seed audit. However, since KPMG is liable for the audit, they won’t attach their name until all of the review is complete and partner signs off.
I’m her works (alternative investments), when funds go public, amendments are commonplace because of the length and complexity of audit.
There have been 2 amendments to their original S-1 filing. Main difference appears to be that it is currently estimated that the initial public offering price per share will be between $12.00 to $14.00, an increase from $10.00 to $12.00
I asked my wife (audit, big 4, alternative investments) why there would be an amendment to an S1 and while she doesn’t deal with companies going public directly, she said that amendments are pretty common for funds that go public. The reason being is that a company can file for S1 (or Form 10) before the initial seed audit is complete and SEC or audit firm may have some additional requirements/disclosures to be added.
Perhaps someone for Finance world can chime in with additional info.
Not a finance person, but this sounds like good news for Cloudflare then. I'm sure they'd prefer to avoid the type of attention WeWork is getting (WeWork's roadshow reportedly begins Monday).
I mean these companies have been getting crushed in the last week or so when the rest of the market has been rising. Medallia and Slack near all time lows since IPO.
People often make the mistake of comparing a company at $5 a share to a company at $100 a share as if all else is equal. In reality the company at $5 could be worth twice as much by having fewer shares outstanding.
I'm not a big fan of the dual class voting structure of these IPOs. It just seems cleaner when a share gets a vote. Obviously this seems to let some private individuals lock up control of a "public" company.
Dual-class voting has become popular because all the current founders grew up on stories of apple being taken from Jobs and want to avoid the same fate. In addition activist investors are a lot more common today than 20-30 years ago.
I am not into shares really so allow me the question: does someone know when these shares will "launch"? Couldn't find a date and honestly don't know where to look exactly.
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[ 0.24 ms ] story [ 81.5 ms ] threadHere's an explanation of S-1 forms:
SEC Form S-1 is the initial registration form for new securities required by the SEC for public companies that are based in the U.S. Any security that meets the criteria must have an S-1 filing before shares can be listed on a national exchange, such as the New York Stock Exchange.
More: https://www.investopedia.com/terms/s/sec-form-s-1.asp
It's just a few lines from KPMG saying "We consent to the use of our report included herein and to the reference to our firm under the heading “Experts” in the prospectus"
I think someone just forgot to include that attachment, hence the amendment.
[1] https://www.sec.gov/Archives/edgar/data/1477333/000119312519...
I’m her works (alternative investments), when funds go public, amendments are commonplace because of the length and complexity of audit.
Perhaps someone for Finance world can chime in with additional info.
https://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=&type=...
Not sure why the market is suddenly fearful, though objectively these are mostly still overpriced.
People often make the mistake of comparing a company at $5 a share to a company at $100 a share as if all else is equal. In reality the company at $5 could be worth twice as much by having fewer shares outstanding.
0: https://www.sec.gov/Archives/edgar/data/1477333/000119312519...
https://www.latimes.com/business/story/2019-09-11/wework-gov...
Is anyone...?
[0] https://www.axios.com/starboard-value-box-shareholder-activi...
This is complex issue. More discussion: https://corpgov.law.harvard.edu/2018/08/22/dual-class-index-...