<![CDATA[This is another violation of the securities laws, not that anyone cares anymore.]]>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 -

reuters.com

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(www.reuters.com)

]]>https://board.circlewithadot.net/topic/66284f6e-2d16-4358-8a6a-9836720f5451/this-is-another-violation-of-the-securities-laws-not-that-anyone-cares-anymore.RSS for NodeFri, 05 Jun 2026 06:52:53 GMTWed, 03 Jun 2026 01:12:55 GMT60<![CDATA[Reply to This is another violation of the securities laws, not that anyone cares anymore. on Wed, 03 Jun 2026 01:36:50 GMT]]>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.

]]>https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683611177831644https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683611177831644Wed, 03 Jun 2026 01:36:50 GMT<![CDATA[Reply to This is another violation of the securities laws, not that anyone cares anymore. on Wed, 03 Jun 2026 01:23:43 GMT]]>- they are trying to get their story out before they're formally allowed to schmooze.

]]>https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683559601252851https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683559601252851Wed, 03 Jun 2026 01:23:43 GMT<![CDATA[Reply to This is another violation of the securities laws, not that anyone cares anymore. on Wed, 03 Jun 2026 01:23:25 GMT]]>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 -

]]>https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683558471325385https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683558471325385Wed, 03 Jun 2026 01:23:25 GMT<![CDATA[Reply to This is another violation of the securities laws, not that anyone cares anymore. on Wed, 03 Jun 2026 01:23:10 GMT]]>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.

]]>https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683557438674481https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683557438674481Wed, 03 Jun 2026 01:23:10 GMT<![CDATA[Reply to This is another violation of the securities laws, not that anyone cares anymore. on Wed, 03 Jun 2026 01:22:57 GMT]]>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,

]]>https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683556596320679https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683556596320679Wed, 03 Jun 2026 01:22:57 GMT<![CDATA[Reply to This is another violation of the securities laws, not that anyone cares anymore. on Wed, 03 Jun 2026 01:22:40 GMT]]>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.

]]>https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683555534537475https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683555534537475Wed, 03 Jun 2026 01:22:40 GMT<![CDATA[Reply to This is another violation of the securities laws, not that anyone cares anymore. on Wed, 03 Jun 2026 01:22:32 GMT]]>@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.

]]>https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683554948575175https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683554948575175Wed, 03 Jun 2026 01:22:32 GMT<![CDATA[Reply to This is another violation of the securities laws, not that anyone cares anymore. on Wed, 03 Jun 2026 01:19:40 GMT]]>@annmlipton Is that obligation on the issuer or anyone recapitulating the information, or both?

]]>https://board.circlewithadot.net/post/https://mastodon.online/users/theofrancis/statuses/116683543706596330https://board.circlewithadot.net/post/https://mastodon.online/users/theofrancis/statuses/116683543706596330Wed, 03 Jun 2026 01:19:40 GMT<![CDATA[Reply to This is another violation of the securities laws, not that anyone cares anymore. on Wed, 03 Jun 2026 01:13:18 GMT]]>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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17 CFR § 230.134 - Communications not deemed a prospectus.

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LII / Legal Information Institute (www.law.cornell.edu)

]]>https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683518678960921https://board.circlewithadot.net/post/https://esq.social/users/annmlipton/statuses/116683518678960921Wed, 03 Jun 2026 01:13:18 GMT