This is another violation of the securities laws, not that anyone cares anymore.
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This is another violation of the securities laws, not that anyone cares anymore.
(Now that the S-1 is public, SpaceX is allowed to release this kind of information, but technically -
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This is another violation of the securities laws, not that anyone cares anymore.
(Now that the S-1 is public, SpaceX is allowed to release this kind of information, but technically -
it needs to come with a legend stating they are not currently selling securities and directing investors to the S-1).
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it needs to come with a legend stating they are not currently selling securities and directing investors to the S-1).
@annmlipton Is that obligation on the issuer or anyone recapitulating the information, or both?
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@annmlipton Is that obligation on the issuer or anyone recapitulating the information, or both?
@theofrancis it's only the issuer, but that includes issuer leaks to journalists.You guys can write what you want - the obligation is on them.
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it needs to come with a legend stating they are not currently selling securities and directing investors to the S-1).
And yes this is a lot less serious than the leaks of the contents of the S-1 before it was public, but it shows how cavalierly the securities laws are being treated.
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And yes this is a lot less serious than the leaks of the contents of the S-1 before it was public, but it shows how cavalierly the securities laws are being treated.
By the way, usually pricing is set at the very last minute, after you've had conversations with investors and have gotten a sense of what they want to pay, and how many shares you can sell.
My guess - and I don't know - is that that's harder to do when you plan to allocate so many shares to retail,
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By the way, usually pricing is set at the very last minute, after you've had conversations with investors and have gotten a sense of what they want to pay, and how many shares you can sell.
My guess - and I don't know - is that that's harder to do when you plan to allocate so many shares to retail,
And they don't want to actually put the figures in the documents and formally amend them, so these leaks are easier ways to test the market.
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And they don't want to actually put the figures in the documents and formally amend them, so these leaks are easier ways to test the market.
Plus, they are only permitted to have formal roadshows - meaning, live presentations to (in this case) retail investors - 15 days after they filed the first S-1. And they want to hold the IPO almost immediately after that. The condensed timeline may mean -
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Plus, they are only permitted to have formal roadshows - meaning, live presentations to (in this case) retail investors - 15 days after they filed the first S-1. And they want to hold the IPO almost immediately after that. The condensed timeline may mean -
- they are trying to get their story out before they're formally allowed to schmooze.
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- they are trying to get their story out before they're formally allowed to schmooze.
And I really need to emphasize, the reason for this formality - no leaks of the confidential S-1, announcements like pricing need a legend, etc - is to slow down the process so investors have time to digest everything before they're ready to buy.
What SpaceX is doing is ... the other thing.
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