Offering Schedule

If nothing else, the organizational meeting attendees will be keenly interested in dis- cussing the offering schedule and responsibility checklist. The underwriters will present at least ahigh-level offering timeline, with important targets for registration statement filing, road show commencement and offering conclusion. A sample offering schedule and time and responsibility checklist can be found in Appendix 2. This schedule allows for multiple drafting sessions; the underwriters’ completion of their due diligence review; the filing of the registration statement with the SEC; the waiting period for the company to receive its first round of comments from the SEC (approximately 30 days); the revision of the registration statement in response to the SEC’s comments (which may require one

or several amendments); the road show presentations; and the pricing and closing of the offering. In some circumstances, the company may want to compress this time period to take advantage of market opportunities, such as favorable news regarding the company’s industry or confidence in the public markets. While the working group may work furiously to accelerate the offering schedule to meet the company’s and underwriters’ optimal offer- ing schedule, SEC review time and resolution of open issues, especially accounting issues, may significantly delay the offering. Companies that are thoroughly prepared will be in the best position to accelerate the process. Chapter 5 also provides an overview of an offering roadmap.

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